“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?”
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.
Open Financial Technologies discloses Connected banking via 16+ partner banks (multi-bank connector, in-house orchestration) as its banking provider, according to the Embedded Finance Index 2026.
Open Financial Technologies does not disclose a bank charter of its own; its banking services are provided through Connected banking via 16+ partner banks (multi-bank connector, in-house orchestration).
Open Financial Technologies processes payments through Open Payment Gateway (self-operated). Disclosed money-movement rails: UPI.
Open Financial Technologies's lending and capital products are provided by Open Capital (in-house).
Open Financial Technologies integrates with Tally, Zoho Books and Microsoft Dynamics 365.
The Embedded Finance Index 2026 maps 5 layers in Open Financial Technologies's stack: Payments / PSP (Open Payment Gateway (self-operated)); Money movement (UPI); Banking / BaaS (Connected banking via 16+ partner banks (multi-bank connector, in-house orchestration)); Lending (Open Capital (in-house) and Open Capital — instant unsecured business loans); Accounting (Tally, Zoho Books and Microsoft Dynamics 365).
Open Financial Technologies was founded by Anish Achuthan and is founded in 2017, headquartered in Bangalore, India.
Get a read on where your own stack stands against Open Financial Technologies 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.