Tiger leads $30m Series B for India fintech start-up

Founded in 2016, Open operates a platform that aims to automate many of the routine financial operations of small and medium-sized enterprises (SMEs) such as bookkeeping, payroll, and maintaining multiple bank accounts, while providing clients with reliable records of each transaction. The company calls its service a "neo-bank," since it provides most of the same services as traditional banks, but at a much lower cost thanks to the use of technology.

Open claims to have more than 100,000 customers, and to have processed about $5 billion in transactions last year. In addition to its web platform, it also provides an application programming interface (API) so that developers can easily integrate its services into their own mobile apps or websites.

The new funding round follows a $5 million Series A round earlier this year from investors including 3One4 Capital, Beenext, and SpeedInvest. 3One4 and SpeedInvest returned for the Series B round; Tanglin Venture Partners also participated. According to media reports linked from the company's Twitter feed, Open will use the new capital to expand its team and sign up more customers, in addition to launching new products such as the upcoming business card program Open+.

Fintech is seen as a promising area for investment in India, due to a growing presence of younger consumers comfortable with managing their financial affairs online. Government support is also a key factor, as policymakers intent on moving cash-reliant Indian consumers and businesses into the formal banking system see the convenience of financial technology as an enticement for users.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• South Asia
• Technology
• Financials
• Expansion
• India
• TMT
• Financial Services
• Tiger Global Management