The Bengaluru-based startup that caters to small and medium businesses will use the fresh capital to strengthen its new product lines Zwitch and BankingStack. While Zwitch is an embedded finance platform, BankingStack is a cloud native SME banking platform for financial institutions which is currently deployed at over 15 banks in India. A portion of the funds will also be used to widen the firm’s network of local SMEs to five million from the current two million, support its expansion into markets like South East Asia, Europe and the U.S. and hire new talent. The company said it will bolster its leadership team and recruit over 800 people across technology, product and business verticals.
Founded in 2017 by serial entrepreneurs Anish Achuthan, Mabel Chacko and Ajeesh Achuthan, along with ex-TaxiforSure CFO Deena Jacob, Open currently powers close to two million SMEs and processes over $20 billion in annualized transactions. The open platform integrates all the tools used by small businesses and integrates it with the business current account. The firm claims to add over 90,000 SMEs every month.
Read More: Open raises $100 million led by Temasek