Open Financial Technologies

Open Financial Technologies, which trades as Open or Open Money, is a Bengaluru-based fintech company founded in 2017. It builds business banking and finance software on top of partner bank accounts, which it calls neobanking for small businesses, startups and freelancers. Its founders are Anish Achuthan, Mabel Chacko, Ajeesh Achuthan and Deena Jacob, several of whom had earlier worked together at Citrus Payments and PayU India.

Open's products put business banking, accounting and payments in one dashboard. The listed products include Open Money, the core business account and finance platform, and Open Money Collect for receiving payments. Businesses can also use it for GST-compliant invoicing, vendor payouts, payroll, expense tracking and bank reconciliation. Open says it works with more than 20 Indian banks.

Open sells directly to small businesses through self-serve plans. It also offers embedded banking to larger platforms and banks that want to provide similar tools to their own customers. The company says it is authorised by the Reserve Bank of India under the payment aggregator/payment gateway rules. It also says it holds ISO 27001, SOC 2 Type II and PCI DSS certifications.

Open raised a Series D round led by IIFL in May 2022, which valued it at about USD 1 billion and was widely reported as making it India's 100th unicorn. The company names Google, Visa, Tiger Global, Temasek and ICICI Bank among its investors. It also claims to process more than USD 40 billion in annualised B2B payments and to serve over 4 million businesses.