Bangalore based startup that operates a “neo-bank” to help businesses automate and run their finances, has raised $30m in Series B funding, led by Tiger Global.
In an interview with TechCrunch, Anish Achuthan, founder and CEO of Open, said the startup saw an opportunity to serve the businesses and wanted to open a better bank. “But building a bank in India comes with its own set of regulatory challenges, so we looked at what fintech startups were doing in other parts of the world for inspiration,” he said. Achuthan said the startup, which employs 85 people currently, will use the fresh capital to significantly expand its business — build more products, hire more people, and sign up more customers. Open will soon also launch Open+ card, a business credit card with a 30-day interest-free credit line for venture backed startups, and Layer, a programmable bank account for developers. In the next one year, the startup aims to grow its customer base to 1 million.