Neo-Banking Platform Open Raises ₹210 Crore In Series B Funding

Open, a startup focused on neo-banking, recently announced that they raised ₹210 crores ($30 million) in a second round of funding. The Series B round, led by Tiger Global Management, saw the funds being set aside for scaling, launching more products and value-added services.

Tanglin Venture Partner Advisors were also a part of the round, along with existing investors 3one4 Capital, Speedinvest, BetterCapital AngelList Syndicate

Analytics India Magazine got in touch with Anish Achuthan, the CEO of Open, who stated, “Being one of the fastest growing SME neo-banking platforms in the world, the key is to match the ever-increasing customer demand for seamless financial management.”


Sign up for your weekly dose of what's up in emerging technology.

The startup is gearing up to launch a few new products, in order to cement their place in the small-to-medium enterprise market. The new products are set to not only bolster their existing infrastructure but also provide new services to their clients.

The products are Open+, a business credit card for startups, and Layer, a bank account targeted at developers. This is a novel product that allows the account to be programmed by developers through the API banking suite.

Open+ comes with an integrated expense management platform and will offer credit to startups. Moreover, businesses can also issue these cards to their employees in a seamless fashion while keeping up to date with spending.

The CEO said on the move, “This funding will help us accelerate our target of simplifying business banking for more than 1 million businesses at a greater pace and also launching new products like the Open+ card and Layer that will enhance our value proposition for small businesses.”

The startup achieved record-setting growth in the SME market after being founded in 2017. By creating a novel solution known as neo-banking for the Indian market, Open was able to capitalise on the many unbanked startups in India.

The company provides tools that allow startups to automate finances and manage business account transactions. The platform reportedly has over 1 lakh SMEs and processes ₹35,000 crores every month.

More Great AIM Stories

Anirudh VK
I am an AI enthusiast and love keeping up with the latest events in the space. I love video games and pizza.

Our Upcoming Events

Conference, in-person (Bangalore)
Machine Learning Developers Summit (MLDS) 2023
19-20th Jan, 2023

Conference, in-person (Bangalore)
Rising 2023 | Women in Tech Conference
16-17th Mar, 2023

Conference, in-person (Bangalore)
Data Engineering Summit (DES) 2023
27-28th Apr, 2023

Conference, in-person (Bangalore)
MachineCon 2023
23rd Jun, 2023

Conference, in-person (Bangalore)
Cypher 2023
20-22nd Sep, 2023

3 Ways to Join our Community

Whatsapp group

Discover special offers, top stories, upcoming events, and more.

Discord Server

Stay Connected with a larger ecosystem of data science and ML Professionals

Subscribe to our newsletter

Get the latest updates from AIM