Open, a neo-banking platform, based out of Bengaluru, has secured $30 million (approx 210 crore) in Series-B funding led by US-based investment firm Tiger Global Management. The round also saw a participation from Tanglin Venture Partners Advisors.
The platform plans to use the funds to expand operations across a million small enterprises within the next one year.
Open, a Bengaluru-based only online banking service was founded by Amrish Rau, Chiranth Patil, Vaibhav Domkudkar, and Aprameya Radhakrishna. It is a business banking service that combines everything from banking to invoicing & automated bookkeeping in one place.
The platform works with banks, offering a banking solution to enterprises to help them automate payments, book-keeping and integrate banking within business work flows.
At present, the company claims that it works with 1 lakh small enterprises and processes transactions worth $5 billion. It also claims that it is adding more than 20,000 SMEs every month.