Indian neobank Open raises $30m

Indian neobank Open raises $30m

Open, an Indian neo-banking startup targeting SMEs, is set to launch a "programmable" bank account after raising $30 million in a Series B funding round led by Tiger Global Management.

Tanglin Venture Partners Advisors and existing investors 3one4 Capital, Speedinvest and BetterCapital AngelList Syndicate all joined the round for Bangalore-based Open.

Founded in 2017, Open partners regulated banks to offers SMEs and startups a business account designed to automate the way they run their finances by helping with things like payments and bookkeeping.

The firm already has over 100,000 users and says it is adding 20,000 a month., making it the fastest growing SME-focused neo-banking service in the world.

With the new funding in place, Open is set to immediately launch a business credit card, Open+, with a 30-day interest-free credit line.

In addition, the firm is rolling out Layer, a "programmable" bank account that will let developers use APIs to build their own features on top of it and integrate with other services.

Anish Achuthan, CEO, Open, says: "This funding will help us accelerate our target of simplifying business banking for more than 1 million businesses at a greater pace and also launching new products like the Open+ card and Layer that will enhance our value proposition for small businesses."

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