Fintech startup Open raises Rs 35 crore led by Beenext

Fintech start-up Open has raised about Rs 35 crore led by Beenext, Speedinvest and 3one4 Capital. The existing investors, Unicorn India Ventures and Angellist Syndicate, also participated in the Series A round, a statement said.

“The funding will help us accelerate customer acquisition and growth as we target to onboard one million small businesses into the platform in the next two years,” Open co-founder and Chief Executive Officer Anish Achuthan said.

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Founded in 2017, Open offers a business account in partnership with banks that helps small and medium enterprises (SMEs) automate and run their finances. The account has all the tools that are required by a small business to send and receive business payments, combined with an automated book-keeping tool to integrate banking into their business workflows.

Till date, the fintech startup has raised $2 million in seed and Pre-Series A funding, according to data from Crunchbase.

“We have been looking at the neo-banking space globally for the past five to six years and I must say that I have not seen this kind of growth and robustness in an SME neo product at this young stage of a company,” said Dirk Van Quaquebeke, Managing Partner, Beenext. “I am deeply impressed by Anish and his team and what they have achieved in such a short period of time.”

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The platform has grown to over 30,000 SMEs and processes over USD 2 billion in transaction run rate. The company said it is adding over 7,500 SMEs every month on its platform.

Open Financial Technologies (which operates Open) is based out of Bengaluru and was founded by Anish Achuthan, Mabel Chacko and Ajeesh Achuthan along with TaxiforSure former chief financial officer Deena Jacob.

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Tech is enabling the financial inclusion of small businesses everywhere in the world, pointed out Stefan Klestil, General Partner, Speedinvest: “Based on our track record in Europe, and together with Beenext, we have started to back strong, proven founders like Open in the Indian market with its practically unlimited growth prospects. We are very excited about our first tech investment in India.”

The company has previously raised investments from Recruit Japan, DICE fintech and angel investors like Sweta Rau, Citruspay founder Jitendra Gupta, TaxiforSure founder Apremaya Radhakrishnan, Chiranth Patil of BetaPlus Ventures and others.

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