Open Financial, also known as Open Financial Technologies Private Limited, is a pioneering financial technology company based in Bengaluru, Karnataka, India. Founded by Anish Achuthan and Mabel Chacko in 2017, Open Financial is Asia’s first neobanking platform specifically designed for small and medium-sized enterprises (SMEs). The company has successfully raised approximately $186 million over several funding rounds, with a valuation reaching around $940 million. Open Financial offers a comprehensive suite of digital banking solutions that simplify cash flow management, automate accounting tasks, and provide seamless integration through APIs.
Recent developments in Open Financial reflect its continuous innovation in the fintech industry:
| Attribute | Information |
|---|---|
| Founding Date | 2017 |
| Headquarters | Bengaluru, Karnataka, India |
| Founders | Anish Achuthan, Mabel Chacko |
| Revenue | Not publicly disclosed |
| Profits | Not publicly disclosed |
| Key Investors | Includes multiple rounds with significant venture capital backing |
| Industry | Fintech, Neobanking |
| Number of Employees | 373 as of September 2024 |
Open Financial Technologies was conceived in 2017 by Anish Achuthan and Mabel Chacko with the vision of transforming digital banking for SMEs in Asia. The founders recognized a significant gap in the banking needs of small businesses and set out to offer solutions that could simplify financial management and enhance business efficiency. Early milestones include establishing a robust digital banking platform that integrates invoicing, payments, and reconciliations. Over the years, Open has expanded its offerings to include comprehensive API banking solutions, allowing developers to embed financial services into their business processes seamlessly.
Open Financial Technologies has carved a strong niche in the fintech sector with a focus on small and medium-sized enterprises. Notable achievements include:
Open Financial Technologies continues to operate at the forefront of fintech innovation, focusing on enhancing its neobanking services for SMEs. The company leverages advanced technology to deliver user-friendly financial solutions, emphasizing automation and efficiency. Open actively explores strategic expansions and product enhancements to maintain its competitive edge, fostering increased market penetration in Asia and beyond. With a robust network of partners and investors, Open is well-positioned to capitalize on emerging digital banking trends.
Open Financial Technologies has established itself as a key player in the global fintech industry, particularly in the realm of neobanking for SMEs. With a strong foundation rooted in innovation and strategic partnerships, Open has consistently driven advancements in digital financial services. As the company continues to expand its technological capabilities and reach, it holds significant potential to shape the future of banking for small businesses, providing streamlined, accessible financial solutions and contributing to broader financial inclusion.