OPEN

neobanks / digital banksover the top

FOUNDING YEAR: 2017
LOCATION: India
Last Update: 17/07/2020

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About

Open Money is a digital banking platform that offers consumers a smarter way to spend, save, borrow and send money from your mobile

Watch

How Open is Solving Challenges for SMEs

MEDICI Analysis

Open is a digital-only bank that offers various solutions like banking, payments and invoicing to startups and SMEs. It also offers APIs that enables business entities tto integrate banking with their business existing system. Open enable vendors to pay and collect money from their clients by generating unique bank accounts for every client and receive payments directly to their accounts by via NEFT, RTGS and IMPS

Focus

PRODUCTS & SERVICES

Open offers a digital current account by partnering with traditional banks. It also offers modern tools and APIs that help businesses manage and grow their finances. It offers a business expense card that enable pay-outs and employee expense management. It provides others services such as Automatic Reconciliation of Accounts & Receivables, Invoicing with Integrated Digital Payments and Automated Bookkeeping. The platform offers dashboard feature which allows merchants to manage, categorize and reconcile income, expenses, and budgets and helps to create GST-compliant invoices.

REVENUE MODEL

The company charges fees for its services: 1. It charges 1.8% for using the payment gateway 2. It charges Rs.15 per transaction or 1% whichever is lower for fund transfers from Open using NEFT / RTGS / IMPS and for receiving payments using bank transfer (NEFT / RTGS / IMPS).

MAIN CLIENTS

Businesses include freelancers

startups and SMEs.

INTELLECTUAL PROPERTY

Patent(s) NOT_FILED

COMMENT

The company's aim to reach about 10,000 such small entrepreneurs in six months (July 2017).

Traction

TRACTION COMMENT:

OPEN aims to on-board around 20,000 SMEs this fiscal year, and grow this number to 500,000 micro-entrepreneurs by the end of three years. It is also aiming at revenues of Rs 25 crore in three years (June 2017).

People

NUMBER OF EMPLOYEES

11-50

INVESTORS:

AirTree Ventures

Alium Capital

AngelList

Beenext

Hollard Insurance

ISME-ACE

Japan’s Recruit Group

Recruit Strategic Partners

Richard Enthoven

Seven West Media

Speedinvest

Tiger Global Management

Unicorn India Ventures

Vaibhav Domkundwar

KEY EMPLOYEES:

Anish Achuthan (CEO)

Jonathan Buck

Jason Wilby

COMMENT:

Prior to founding Open, Anish was VP for new initiatives,business heading at Citrus Pay,PayU.

Momentum

FUNDED

YES

TOTAL FUNDING

$37 M

DATE OF LAST FUNDING

Jun 2019

TOTAL FUNDING COMMENT

The company is planning use the fund to enhance its core platform to launch new products on lending and wealth management using AI and financial analytics (May 2018).

SEED & PRIOR FUNDING

$2 M

SEED CLOSED ON

May 2018

FUNDING SERIES

SERIES A  · $5 M  · Feb 2019

SERIES B  · $30 M  · Jun 2019

LISTED

NO

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Open Money

About

Open Money is a digital banking platform that offers consumers a smarter way to spend, save, borrow and send money from your mobile

Watch

How Open is Solving Challenges for SMEs

Focus

PRODUCTS & SERVICES

Challenger Bank

PRODUCT DEVELOPMENT STAGE

PROTOTYPE

PRODUCT DEVELOPMENT COMMENT

Open is closely working with its partners to launch a mobile first digital banking service that offers consumers and businesses an intuitive banking experience with features like an instant creditline, spend management, financial goals, money transfer and virtual chatbot

KEY DIFFERENTIATORS

- A mobile first bank account with integrated tools for spend management, financial goals, creditline and a virtual financial assistant for consumers - For SME and Startups, Open offers a business current account integrated with payment gateway, Invoicing, bookkeeping and other value added business tools integrated into the account.

PRIMARY CUSTOMER TYPE

Small and Medium Business - Online Retail

Consumer

PRODUCT ATTRIBUTES

Customer facing

Traction

LIVE USERS/TRANSACTIONS:

No live users/transaction yet

CHANNEL STATUS

NO SALES YET

People

TEAM COMMENT:

The founding team members are serial fintech entreprenuers who have previously built 3 well recognised fintech ventures ( 2 acquisitions),have been part of the senior leadship team of India's largest fintech companies.

Momentum

FUNDED

YES

FUNDING COMPLETED

NO

LISTED

NO

FUNDING SERIES
Seed
Apr 2017
USD1.8 M
at a USD3.3 Mvaluation
Comment on Seed
Currently in the process of closing the initial angel round