Fintech Startup Open Raises Seed Round $250k From PayU India’s CEO and Managing Director

fintech startup open raises seed round

Bengaluru based Fintech startup Open has raised seed round of $250k from Amrish Rau, CEO of PayU India and PayU India’s Managing Director Jitendra Gupta. The company which is about to launch next month is offering digital banking, book keeping, invoicing and other services to micro-entrepreneurs.

The husband and wife duo Anish Achuthan and Mabel Chacko co-founded Open in May 2017 and had previously founded Zwitch, a payment startup in 2015, which was later acquired by Citrus Pay.

Open platform allows startups and entrepreneurs to have normal bank account features, such as payments, balance and transaction list. Additionally, the platform integrates with other business systems to provide everything in one single place and tracking using analytics feature.

In a statement to ET, Amrish Rau had shared, “Small businesses and entrepreneurs have started moving to app-based banking, and Open offers a whole range of services.”

In order to make accounting and invoicing simpler, Open is tying up with a private bank and also with GST Suvidha Provider. It is also set to tie up with NBFC to offer lending products.

Open is planning to distribute the funds for branding and expansion of the 12-member team and is aimed at reaching 10,000 entrepreneurs in the next 6 months.

Also Read: The Fintech Periodic Table: Key Enablers and Drivers Influencing Indian FinTech Startups