In brief: India fintech startup snags $5m to solve business banking challenges

Bangalore-based fintech startup Open announced the close of its US$5 million series A round led by Beenext, Speedinvest, and 3one4 Capital. Existing investors Unicorn India Ventures and AngelList Syndicate also participated in the round.

Source: Press release

Open plans to use the money to launch new products, scale up its team, and expand in other Asian countries such as Indonesia and Thailand by Q3 2019.

The startup, which began operations in 2017, helps small and medium-sized enterprises (SMEs) solve business banking challenges, from opening a business bank account to automating and managing financial processes. It supports over 30,000 SMEs and processes more than US$2 billion in transaction run rate.

Open is looking to on board 1 million small businesses into its platform in the next two years.