Open, which is a Neo banking platform, has now secured $30 Million in the funding round of Series B led by the Tiger Global Management along with the collaboration from Tanglin Venture Partner Advisors.
Some of the existing investors include the BetterCapital, and SpeedInvest AngelList Syndicate also participated in the round.
With the new fresh funds, the startup intends to expand its scope of operations across some of the small enterprise with the coming one year. The startup also has plans to launch some of the new products and start value-added services for its customers.
Two new products are Open+ card that is a business credit card with the 30 days interest-free credit line for the venture-backed startups, and Layer, that is a programmable bank account for the developers.
The platform works directly with the financial institution and banks, offering a business banking solution to enterprises which can even help them to automate their payments, integrate banking, and bookkeeping within their business workflows.
“This funding will help us accelerate our target of simplifying business banking for more than one million businesses at a greater pace, also launching new products like the Open+ card and Layer that will enhance our value proposition for small businesses,” said Anish Achuthan, chief executive officer, Open.