Neo-banking platform Open raises $30 million in series-B round

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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.

Existing investors of Open are 3one4 Capital, Speedinvest and Better Capital, AngelList Syndicate have also participated in the round.

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.

Besides, some emerging neo banking services platform in India includes NiYO, 811, Yono, etc.

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