Open Financial Technologies
“Can a connected-banking layer on top of India's many SME bank accounts become the default OS for business payments, AP/AR, and embedded credit?”
Founded2017
HQBangalore, India
FoundersAnish Achuthan
Latest roundSeries D
IndustryFintech / SMB banking
The story
Open started in 2017 as a neobanking platform for SMEs and startups in India, partnering with national and international banks to deliver connected current accounts, payments, and accounting. The company has evolved into a connected-banking and AP/AR automation platform serving 3.5M+ businesses and 65k+ accountants, with an embedded lending arm (Open Capital) and payout/payment APIs. Following a 2023 restructuring, Open emphasized profitability and outsourced support functions while scaling its multi-bank connector and embedded finance APIs.
Product timeline
2017
Founded with mission to solve banking, payments and accounting for SMEs· pivot
2023
Laid off 47 employees; founders took 50% salary cut to extend runway· pivot
Same company
Open Financial Technologies 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
5 layers disclosed in Open Financial Technologies’s embedded-finance stack
Payments / PSP
Open Payment Gateway (self-operated)
Money movement
in the full report
Banking / BaaS
in the full report
Lending
in the full report
Accounting
in the full report
Accounting gap: minor
7 more providers across 4 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.