BENGALURU: New-age banking services startup for small enterprises, Open, has raised $5 million in its series-A round of funding from Beenext, Speedinvest and 3one4 Capital.

The round was led by Beenext, an early-stage fund investing across Southeast Asia, India and Japan, and Speedinvest, an early-stage VC fund in Europe. Existing investors Unicorn India Ventures and Angellist Syndicate also participated in this round.

It has also raised funding from prominent tech entrepreneurs like Citrus founders Amrish Rau and Jitendra Gupta, and TaxiforSure founder Aprameya Radhakrishnan among others.

Open, which caters to SMEs in the B2B space and in the trading sector, helps automate business payments.