Bangalore-based fin-tech startup Open Financial Technologies Pvt Ltd (Open), which offers a digital neo-banking service for SMEs, announces its Series A funding of 5 million USD led by Beenext, Speedinvest and 3one4 Capital.
Prior to this, the startup had raised the undisclosed amount in May last year, which was its pre-series A funding led by Unicorn India Ventures and Recruit Co. Ltd, through its investment which is a subsidiary RSP India Fund LLC. Some of the existing investors ISME-ACE and Vaibhav Domkundwar’s BetterCapital AngelList syndicate
Open offers a business account in partnership with banks that helps SMEs automate and run their finances effectively. The account has all the tools that are required by a small business to send and receive business payments combined with an automated bookkeeping tool to integrate banking into their business workflows.
Founded in 2017, Open is solving business banking challenges faced by SMEs and the platform today has grown to over 30,000 SMEs and processing over 2 Billion USD in transaction run rate adding over 7500 SMEs every month and is the fastest SME focused neo-banking service globally. Open plans to use the funding to scale up the team and launch a few new products.
The series A round was led by one of the largest investor, Beenext – Asia’s top-tier early-stage fund investing across SEA, India and Japan. Speedinvest – a leading early-stage VC fund in Europe which also backed leading neo-banks like N26, Holvi and Tide. Some of the existing investors Angellist Syndicate and Unicorn India Ventures also participated in this round.
Just a few days back, Beenext had also contributed in $8 million funding round of Small case, a Bangalore-based financial technology startup.
Speaking on the investment, Stefan Klestil, General Partner, Speedinvest, said “Tech is enabling the financial inclusion of small businesses everywhere in the world. It is as of now based on our track record in Europe, and together with Beenext, our trusted regional partner, we have started to back strong, proven founders like Anish in the Indian market as well with its practically unlimited growth prospects. We are very excited about our first tech investment in India.”