“Can a neobank become the default financial operating system for India's small and medium businesses?”
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.
Open was founded by Anish Achuthan and is founded in 2017, headquartered in Bengaluru, India.
Open has raised ~$187M in total (latest round: Series D, 2022; valuation: $1B (2022)).
Get a read on where your own stack stands against Open and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.