This week yet another Fintech startup managed to raise funds from investors as the Fintech space keeps getting bigger and attracting intense competition by every passing day. Open Financial Technologies, based in the IT city of Bengaluru, has managed to secure undisclosed amount of funding in pre-series A round of funding.
The round was led by Unicorn India Ventures and Recruit Co. Ltd, while some of the existing investors including ISME-ACE also participated in the funding round. Earlier, Open had raised seed funding from several high-profile investors like Citrus Pay founders Amrish Rau and Jitendra Gupta & TaxiforSure founder Apremaya Radhakrishnan.
Open Financial is a Fintech startup that is trying to cash on the ongoing boom that the entire industry is witnessing due to unprecedented improvement brought by technology. However, Open Financial is not your usual Fintech startup that doles out quick credits to SMEs and independent entrepreneurs. Instead this startup has taken up the responsibility of solving the much bigger problem of offering banking services to small businesses and population that is still untouched by the banking services.
It does this by offering whole gamut of banking services through digital medium. This includes basic services like opening digital current account and helping small businesses in swiftly sending and receiving payments. Besides, the startup is soon likely to launch a business expense card that will enable in swifter payments and efficient employee expense management.
Open made its debut in the Indian startup landscape in May 2017, after four independent entrepreneurs Anish Achuthan, Mabel Chacko, Ajeesh Achuthan and Deena Jacob decided to take a leap of faith. Currently, it has a small team of 25 employees and claims to have garnered 1,000 customers so far.