Account automation firm Open raises $4.6 mn in Series A round

Account automation firm Open raises $4.6 mn in Series A round
Photo Credit: Photo Credit: VCCircle
12 Feb, 2019

Bengaluru-based Open Financial Technologies Pvt. Ltd, which automates collections and payouts for small businesses, has raised $4.6 million (Rs 32.40 crore) in a Series A round of funding from Singapore-based venture fund Beenext and early-stage venture firm 3one4 Capital, its filings with the Registrar of Companies show.

Austrian venture capital firm Speedinvest F Euveca and existing investors Unicorn India Ventures and AngelList syndicate also participated in the round, the filings added.

3one4 Capital made the investment from its second fund, which has a corpus of Rs 250 crore.

The development was first reported by news portal Entrackr.

Open has partnered with banks to offer accounting automation, cash flow management and automated collections and payouts for small businesses. It also offers application programming interfaces (APIs) to developers for integrating banking and payments in the business workflow. It helps small businesses automate invoicing, taxation and GST filings and provides expense cards for business spends.

The company has served 25,000 businesses and has processed $2 billion in transactions.

The company was founded in 2016 by entrepreneurs Anish Achutan, Ajeesh Achutan, Mabel Chacko and former TaxiForSure CFO Deena Jacob, who joined the company as chief financial officer and director in 2017.

In May 2018, Open has secured an undisclosed sum in a pre-Series A round led by Unicorn India Ventures and Japan’s Recruit Group.

In 2017, it had raised $250,000 from PayU executives Amrish Rao and Jitendra Gupta. Anish Achutan and Chacko had left Citrus Pay in 2016 after their first venture, Zwitch, got acquired by the payments company. Citrus Pay was alter acquired by PayU in 2016.