Open is a Bengaluru-headquartered neobank that provides banking features and additional tools to small and medium-sized businesses and enterprises. The platform helps SMEs manage multiple bank accounts, daily bookkeeping, and payroll/payments and partners with over a dozen top banks in India. Open is used by more than 2.3 million businesses and processes over $30 billion in transactions annually. The startup has expanded to offer its neobanking technology as a white‑label licensing product to banks. It plans to launch three new products — revenue-based financing Flo, early settlement card Settl, and working capital lending Capital — and is targeting $1 billion in lending disbursals within the next 12 months. Open has raised about $187 million to date and is five years old. Open operates a neobanking platform that offers SMEs and enterprises bank-like accounts plus tools for bookkeeping, payments, invoicing and card issuance. The company partners with over a dozen top banks in India and says more than 2 million businesses use its platform. Open also licenses its neobanking technology to banks in a white-label model and offers embedded finance and card services through a product called Zwitch. The startup employs about 500 people and has expanded its offerings in recent quarters. Open plans to use new capital to broaden its product set, pursue strategic M&A, hire more talent and expand internationally—starting in Southeast Asia, then Europe and the U.S.—and already has partnerships in Vietnam and the Philippines. Open operates a neo-bank platform that bundles traditional banking features with additional tools to automate bookkeeping, track transactions across accounts, and integrate a payment gateway. The company partners with ICICI Bank to create accounts and has integrated its tools into the bank’s internet banking. Open says it already has more than 100,000 customers, adding as many as 20,000 per month recently, processes about $5 billion in transactions annually, and employs 85 people. The two-year-old startup plans to use new capital to build more products, hire, and sign up more customers. Product launches planned include Open+ (a business credit card offering a 30-day interest-free credit line for venture-backed startups) and Layer, a programmable bank account for developers. Open competes with a handful of startups including InstantPay and aims to grow its customer base to 1 million within the next year.

Total raised

$180M

Funding rounds

3

Latest round

Series D

Latest activity

May 2022