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Open raises USD 5 mn from Beenext, others

Press Trust of India  |  New Delhi 

Fintech start-up Open Tuesday said it has raised USD 5 million (about Rs 35 crore), led by Beenext, Speedinvest and 3one4 Capital.

The existing investors, 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," said.

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 to integrate into their business workflows.

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.

(which operates Open) is based out of Bengaluru and was founded by Anish Achuthan, and along with former

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

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, February 12 2019. 18:40 IST
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