Open, which is a financial technology startup that is based in Bengaluru, has raised a sum of $5 million from BeeNext Ventures, Speedinvest, and 3one4 Capital. The funds were raised in a Series A funding round.
The company announced that its existing investors, Angellist Syndicate and Unicorn India Ventures, also took part in the funding round. Open will be using the funds that it received to scale up its existing team and to launch new products.
The startup counts DICE Fintech and Recruit Japan as its investors. In addition, prominent angel investors like Ms. Sweta Rau, Mr. Amrish Rau, Mr. Jitendra Gupta, and Mr. Apremaya Radhakrishnan have also invested in the startup.
Open was founded in the year 2017 by Mr. Anish Achuthan, Mr. Ajeesh Achuthan, Ms. Mabel Chacko, and Ms. Deena Jacob. The neo-banking startup offers online banking services to SMEs to help them automate and manage their finances in an effective manner.
Since its inception, the company has offered its services to more than 30,000 small businesses. Further, the startup has a yearly run rate of about $2 billion. The startup is currently adding more than 7,500 SMEs on a monthly basis.
Mr. Anish Achuthan, the co-founder and chief executive of the startup, said the funding will help the company accelerate the acquisition of customers and growth. He added that the startup plans to onboard at least 1 million small businesses over the next 2 years.
Sources: Livemint, The Times of India