Open
“Can a neobank become the default financial operating system for India's small and medium businesses?”
Founded2017
HQBengaluru, India
FoundersAnish Achuthan
Total raised~$187M
Latest roundSeries D, 2022
Valuation$1B (2022)
IndustryFintech / SMB banking
The story
Open was founded in 2017 as a neobank for Indian SMBs, partnering with local banks to offer business accounts, bookkeeping, expense management, and payroll in one platform. It scaled rapidly to over 2.3 million businesses processing $30B in annual transactions, becoming India's 100th unicorn in 2022. Open operates as a partner-bank neobank (not a chartered bank itself) — the licensed banking infrastructure sits with Indian sponsor banks while Open provides the software layer.
Last 12 months
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Product timeline
2017
Founded in Bengaluru by Anish Achuthan as a neobanking platform for Indian SMBs.· pivot
2019
Raised $30M Series B to expand business banking automation tools.· banking
2021
Raised $100M Series C led by Temasek with Google participation at $500M valuation.· banking
2022
Became India's 100th unicorn with $50M Series D at $1B valuation.· banking
Same company
Open was analysed under more than one name on the same domain, so its stack is split across these dossiers. Each was analysed independently and may name providers the others do not.
The stack
0 layers disclosed in Open’s embedded-finance stack
Accounting gap: none