Open gets $30 million from Tiger Global, others
The Bengaluru-based company will use the funds for scaling up its team and launch more products, it said Tuesday.
ET first reported the development in its May 14 edition.
The Bengaluru-based startup plans will use the funds to expand operations across a million small enterprises within the next one year. It also plans to launch new products and start value-added services for customers. Two such new products are Open+ card, a business credit card with 30-day-interest free credit line for venture-backed startups, and Layer, a programmable bank account for developers.
The platform works with banks, offering a banking solution to enterprises to help them automate payments, book-keeping and integrate banking within business work flows. Open now works with 1 lakh small enterprises and processes transactions worth $5 billion. It claims it is adding more than 20,000 SMEs every month.