Neo-banking startup Open has raised $250k in seed funding from PayU's ( an Indian online payment processor company) CEO Amrish and managing director, Jitendra Gupta.
Open is founded by Anish Achuthan and Mabel, who previously founded fintech startups Cashnxt ( 2008), Neartivity Wireless ( 2010) and Zwitch ( Acquired by Citrus Payments in 2015).
Fintech industries are on rise in India and The Drum earlier spoke with London's deputy mayor for business Rajesh Agrawal who said that an increase in using mobile phones, apps and ecommerce retailers’ services have driven the tech sector and fintech industries forward in India.
Anish Achuthan, co-founder and CEO of Open, said: “With an increasing number of SMEs out of the 51million SMEs going online, traditional business banking services are not able to address the growing needs of the millennial entreprenuers. Open wants to disrupt the space by offering an innovative digital banking service that helps small businesses manage cashflows, automate accounting and get better insights into their busineses using technology."
Open aims to disrupt the traditional business banking space by offering an intuitive , API-driven digital banking service targeted at small businesses and startups.
The key features of the Open include a digital business account that can be activated within 5 minutes using a fully digital onboarding process. The digital business account comes with integrated GST-complaint invoicing, book keeping, payments, API Banking and creditline that is available on the desktop and mobile app.
Speaking about the investment Amrish Rau, CEO at PayU, said:” Small businesses and entrepreneurs have started moving to app-based banking, and Open offers a whole range of services. Anish himself has been in the fintech space for long and knows the sector very well.”