Open has raised $5 Million (Rs. 32 Crore) in Series A funding round.
The company has issued 6,362 total Series A CCCPS at a price of Rs. 51,211 each.
Open has more than 30,000 small and medium enterprises on-board processing over $2 Billion transactions.
Open was launched in 2017 by innovative minded entrepreneurs Ajeesh and Naresh Achuthan. Recently Bangaluru neo – banking fintech startup, Open has risen $5 Million (Rs. 32 Crore) in Series A funding led by Speedinvest, Beenext and 3One4 Capital. According to ROC filing with MCA the company has issued 6,362 total Series A CCCPS at a price of Rs. 51,211 each and one equity share of same worth is issued to 3One4 Capital. According to Entracker report out of total funding of Rs. 32 Crore to Open, Rs. 13.6 Crore is put by Beenext, 8.5 Crore by 3One4 Capital and remaining by others.
Prior to this funding round Open raised funding in May 2018 by Recruit Co Ltd and Unicorn India Ventures. Open is planning to launch new products, enhance the team headcounts and accelerate growth and customer acquisition. They are also aiming to onboard one million small businesses into the plateform in next two years.
Open is a neo banking startup that means it operates digitally. In order to initiate work with Open it provides a bank account number and IFSC code in its partner banks. The account is then linked to startups accounting engine that is driven by Artificial Intelligence ‘AI’. It automates expense management and book keeping alongwith accelerated API to drive their banking needs.
As of now In India scope of Neo banking is enhancing a lot. Startups commencing in this sector are benefited with running of a startup without taking permission. They operate just like Medium Earlier and Paytm Payments Bank. However, they need to follow rules of Payment and Settlement Act. They keep customers money in the nodal bank account of the bank with which they have tie-ups.
The 30 members startup Open claims to have already on-boarded more than 30k small and medium enterprises processing over $2 Billion transactions. It is enhancing its business by using recently released funds.
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