Open raises Rs 210 cr from Tiger Global, others

Fintech start-up Open Tuesday said it has raised Rs 210 crore (USD 30 million) in funding led by Tiger Global Management. The series B round also saw participation from Tanglin Venture Partners Advisors and existing investors 3one4 Capital, Speedinvest and better capital AngelList Syndicate, a statement said.

Founded in 2017, the Bengaluru-based start-up offers business banking service for SMEs and start-ups. Open said its platform has grown to over 1 lakh SMEs and it processes over Rs 35,000 crore in the transaction. It is adding over 20,000 SMEs every month.

"Open plans to use the funding to scale up the team, launch more products and value-added services and expand its reach to one million SMEs in the next one year," the statement said. Open will launch two new products to enhance its business banking proposition -- the Open+ card (a business credit card with a 30-day interest-free credit line for venture-backed start-ups) and Layer (a programmable bank account for developers).

"...we have to scale up the technology and our team. This funding will help us accelerate our target of simplifying business banking for more than one million businesses at a greater pace and also launching new products like the Open+ card and Layer that will enhance our value proposition for small businesses," Open CEO Anish Achuthan said.