Open plans to use the funding to further strengthen and accelerate its new product lines – Zwitch, its embedded finance platform and BankingStack, the cloud native SME banking platform for financial institutions which is currently deployed at over 15 banks in India. Over the next one year, Open will expand its base to 5 million SMEs and expand to global markets like South East Asia, Europe and US.
Founded in 2017, Open offers a neo-banking platform that integrates all the tools used by small businesses and integrates it with the business current account. The Open platform powers close to two million SMEs and processes over $20 billion in annualized transactions. The platform also adds around 90,000 SMEs every month.
Commenting on the funding, Anish Achuthan, CEO, Open said, “Our product offerings have helped nearly two million SMEs in the Indian market. We look to expand our product range in the coming months in embedded finance and enterprise banking. We also plan to cater to over five million SMEs by August 2022.”
“The team at Open have combined domain expertise and product-focused rigor to deploy a full-stack solution that places SMEs at the center of a universe of innovation. This platform will take its full stack approach into new adjacencies and geographies. We are excited to continue our partnership with Open.”
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor.