Fintech startup Open has bagged $250k in a seed funding round led by PayU India CEO Amrish Rau and managing director Jitendra Gupta. The firm plans to utilise freshly infused funds for branding and expansion of the 12-member team.cp_two_third]text[/cp_two_third]
Set to launch in August 2017, Open is co-founded by Anish Achuthan and his wife, Mabel Chacko in May 2017.Open is all set to offer digital banking, bookkeeping, invoicing and other services to micro-entrepreneurs. Earlier in 2015, Achuthan and Chacko had founded Zwitch, a payment startup which was acquired by Citrus Pay.Commenting on the development, Amrish Rau told ET, “Small businesses and entrepreneurs have started moving to app-based banking, and Open offers a whole range of services.
Commenting on the development, Amrish Rau told ET, “Small businesses and entrepreneurs have started moving to app-based banking, and Open offers a whole range of services.The company is tying up with a private bank for backend account
The company is tying up with a private bank for backend account servicing and has also partnered with a GST Suvidha provider (GSP) to offer small businesses help in filing invoices under the new GST regime. The company will also tie up with an NBFC to offer lending products to these businesses.
“We want to provide a complete solution for micro-entrepreneurs, freelancers and startups with only a handful of employees to manage their business banking and also offer analytics. We aim to reach about 10,000 such small entrepreneurs in six months,” concludes Achuthan.