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
The stack
Payments / PSP
Banking / BaaS
Lending
Open Capital (in-house)Open Capital — instant unsecured business loans
Accounting
Accounting gap: minor