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Indian fintech Open Financial secures $30 million in Series B round

Bangalore-based SME focused fintech Open Financial has raised $30 million USD (INR 210 crores) in a Series B round led by Tiger Global Management with participation from investors such as Tanglin Venture Partners Advisors and existing investors like 3one4 Capital, Speedinvest and BetterCapital AngelList Syndicate.

Anish Achuthan, CEO, Open said, “Being one of the fastest growing SME neo-banking platforms in the world, the key is to match the ever-increasing customer demand for seamless financial management. For this, we have to scale up the technology and our team. 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”.

According to the fintech, the funding will facilitate the launch of new products and value-added services for Open, increase team scalability as well as expand its services to 1 million SMEs. Open is all set to launch two of its products, Open+ card and Layer. The supplier states that Open+ card is a business credit card for venture-backed start-ups with a 30-day interest-free credit line, meanwhile, Layer is a programmable bank account for developers.

Established in 2017, Open offers a business account in partnership with banks, thus helping businesses automate and run their finances. It assists businesses in sending and receiving payments as well as integrating banking into their business workflows.

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