India’s Axis Bank Teams Up with OPEN to Launch Digital Current Account Proposition for Businesses

Axis Bank, India’s third largest private sector bank, has partnered with the world’s fastest-growing digital banking enterprise, OPEN, “to provide a fully native digital current account journey for its customers including SMEs, freelancers, homepreneurs, influencers and more.”

This partnership “offers the larger business community access to Axis Bank’s holistic banking experience coupled with OPEN’s end-to-end financial automation tools for business management including payments, accounting, payroll, compliance, expense management and several other services.”

This is Axis Bank’s first-ever partnership “with a fintech player to launch a fully digital current account.” The product is “live on OPEN’s website.”

This digital current account product “will help customers save a significant amount of time and effort, as the authentication process will be completely digital using PAN and Aadhaar followed by a Video KYC.”

The comfort of a contactless account opening process “that takes away the hassle of paperwork with a zero document upload feature, makes this current account product significantly different from others in the market.”

Using this account, customers can “avail 250+ banking services and claim up to 50% cashback through grab-deals.” With this partnership, all existing Axis bank accountholders also get access “to OPEN’s all-in-one digital banking platform that is used by over 30 lakh businesses currently.”

Sameer Shetty, President & Head – Digital Business & Transformation, Axis Bank, said:

“At Axis Bank, we believe in putting the customer at the centre of all our endeavours, while also generating shared value for all stakeholders in the ecosystem. We have been continuously working on innovation-led partnership models to offer digital banking solutions to customers. In this effort, we are delighted to have partnered with OPEN to offer a one stop banking solution for businesses.”

OPEN’S Co-founder & CEO, Anish Achuthan, said:

“We are really excited to be the first fintech to partner with Axis Bank to launch a fully native digital current account journey for customers. Business banking is opening up to newer and niche segments like homepreneurs, influencers etc. and we look forward to creating tailored products for them in partnership with Axis Bank. We will further work on integrating value-add services like term loans, revenue-based financing and more for these users.”

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