Open, Asia’s first neo-banking platform for SMEs and startups, was founded by fintech serial entrepreneurs Anish Achuthan and Mabel Chacko, alongside Ajeesh Achuthan and Deena Jacob in 2017. The company was founded to solve a series of challenges faced by SMEs and startups when it comes to managing their business finances. It is the largest growing SME-focused neo-banking platform globally.
Open offers a business account in partnership with banks that helps SMEs automate and run their finances effectively. The platform enables businesses to collect payments, do seamless payouts, auto-reconcile & categorize income and expense, thereby automating book-keeping. It also offers APIs to integrate banking into business workflows. Currently, Open is serving more than 30,000 SMEs and processing US$3 billion in transactions annually. The platform onboards 8,000 new SMEs and startups every month.
Open recently raised a Series A funding of US$5 million led by Beenext, Speedinvest and 3one4 Capital. Prior to this round, the startup was funded by Japan’s Recruit Strategic Partners, Unicorn India Ventures, DICE fintech and other angel investors that include Sweta Rau, Citruspay Founders Amrish Rau and Jitendra Gupta, Aprameya Radhakrishna of Taxi4sure, Chiranth Patil of BetaPlus Ventures, Archana Priyadarshini of Unicorn India Ventures and Vaibhav Domkudwar from BetterCapital AngelList Syndicate.