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Neo banking startup Open bags Rs 32 Cr from Beenext, 3one4 Capital, others


Neo banking startup Open Financial Technologies has raised over Rs 32 crore in its Series A round led by Beenext Ventures,  a venture capital firm investing in startups from India, Southeast Asia, Japan, and the USA.

The Bengaluru-based fintech startup also saw participation of Unicorn India Ventures, AL Trust, 3one4 Capital, Speed Invest and others.

According to RoC filing with MCA, the company has issued 6,362 total Series A CCCPS priced at Rs 51,211 each and one equity share of same worth is issued to 3one4 capital.

The filing accessed by Entrackr (hat tip: paper.vc) also reflected that Beenext put in Rs 13.6 crore while the rest capital was infused by 3one4 Capital (Rs 8.5 cr) and others.

The fresh funding comes after 9 months when it raised an undisclosed pre-Series A round led by  Unicorn India Ventures and Recruit Co. Ltd.

Founded by Anish Achuthan, Mabel Chacko and Ajeesh Achuthan along with ex-TaxiforSure CFO Deena Jacob in 2017, Open offers digital banking service for startups and small and medium enterprises

It claims to be Asia’s first digital banking service for startups and SMEs that offers an all-in-one digital bank account that includes a current account packed with powerful tools for bookkeeping, invoices, moving money and accessing credit.

Open also offers application programming interfaces (APIs) for developers to integrate banking and payments into their business workflows.

Of late, Open achieved a milestone of facilitating more than 25,000 businesses and processed over $2 billion in transaction.

Apart from the aforementioned investors, the startup is backed by PayU India CEO Amrish Rau and managing director Jitendra Gupta who put $250,000 in Open in July 2017.

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