Open, an India-based neobank platform, announced on Tuesday it secured $30 million through its Series B funding round, which was led by Tiger Global with participation from Tanglin Venture Partners Advisors and existing investors 3one4 Capital, Speedinvest, BetterCapital AngelList Syndicate.
Founded in 2016, Open claims to be Asia’s first neo banking platform for SMEs and startups. Its key mission is to deliver a “truly seamless banking experience” and make managing financing easy.
“Open is a business banking service that combines everything from banking to invoicing and automated bookkeeping in one place. Powered by partner banks, Open offers a business account that let’s small business owners collect payments, auto-reconcile them, and make seamless payouts. We don’t stop with just that – we also offer additional tools designed exclusively for businesses, such as an integrated payment gateway, automated accounting and expense management.”
According to TechCrunch, Open already has more than 100,000 customers and has as many as 20,000 coming onboard each month. The platform also processes around $5 billion in transactions per year. Anish Achuthan, Founder and CEO of Open, revealed to the media outlet that it is planning to use the funds from the Series B round to expand its business, build more products, hire more employees and sign up more customers.
The company is also planning to launch the Open+ card, which is described as a business credit card with a 30-day interest-free credit line for venture-backed startups, and a programmable bank account for developers called Layer.