Open secures $30M funding led by Tiger Global

Neo-banking platform Open has raised $30 million (Rs 210 crore approx) in its series B round of funding led by US-based investment firm Tiger Global Management along with participation from Tanglin Venture Partners Advisors.

Existing investors 3one4 Capital, Speedinvest and BetterCapital AngelList Syndicate also participated in the round.

ET had first reported the development in its May 14 edition.

Armed with the fresh funds, the Bengaluru-based startup intends to expand its scope of operations across a million small enterprises within the next one year. It also plans to launch new products and start value-added services for its customers.

Two such new products, are Open+ card, a business credit card with 30-day interest-free credit line for venture-backed startups and Layer, a programmable bank account for developers.

The platform works with banks, offering a business banking solution to enterprises which can help them automate their payments, book keeping and integrate banking within their business workflows.

Currently, Open is working with 1 lakh small enterprises and processing transactions worth $5 billion. The platform claims to add more than 20,000 SMEs every month.

“This funding will help us accelerate our target of simplifying business banking for more than one million businesses at a greater pace, also launching new products like the Open+ card and Layer that will enhance our value proposition for small businesses,” said Anish Achuthan, chief executive officer, Open.