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§ Private Profile · Bangalore, India
Open Financial Technologies is a technology company.
Open Financial Technologies provides a connected banking platform that integrates banking, payment processing, and accounting into a single system for businesses. This solution offers a unified view and control over financial operations, modernizing infrastructure for enterprises and their banking partners. The platform streamlines complex financial workflows, significantly enhancing user efficiency.
Co-founded in 2017 by Anish Achuthan and Deena Jacob, Open Financial Technologies arose from recognizing that small and medium-sized businesses struggled with fragmented banking, payments, and accounting. Their objective was to create an integrated financial ecosystem, addressing these inefficiencies and delivering a more cohesive, user-friendly experience.
The platform serves diverse businesses, from startups to larger enterprises, and collaborates with banks and accounting firms. Open Financial Technologies envisions transforming business finance by cultivating efficient relationships between companies and their financial providers. The long-term goal is global expansion, establishing a new standard for managing business finances.
Open Financial Technologies has raised $187.0M across 5 funding rounds.
Key people at Open Financial Technologies.
Open Financial Technologies was founded in 2017 by Anish Achuthan (CEO & Founder) and Mabel Chacko (Co-founder and COO) and Deena Jacob (Co-Founder & CFO) and Ajeesh Achuthan (Co-Founder & CTO).
Open Financial Technologies has raised $187.0M in total across 5 funding rounds.
Open Financial Technologies has raised $187.0M across 5 funding rounds. Most recently, it raised $50.0M Open - Series D in May 2022.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| May 1, 2022 | $50M Series D | IIFL | 3one4 Capital, Temasek, Tiger Global | Announced |
| Sep 1, 2021 | $100M Series C | Temasek | 3one4 Capital, B Capital Group, Venture Highway, Google, SBI Investment, Tiger Global | Announced |
| Jun 25, 2019 | $30M Series B | Tiger Global | 3one4 Capital, Better Capital, Speedinvest, Tanglin Venture Partners | Announced |
| Feb 1, 2019 | $5M Series A | — | 3one4 Capital, Astir Ventures, Beenext | Announced |
| May 1, 2018 | $2M Seed | — | Astir Ventures, Nimit Maru | Announced |
Open Financial Technologies was founded in 2017 by Anish Achuthan (CEO & Founder) and Mabel Chacko (Co-founder and COO) and Deena Jacob (Co-Founder & CFO) and Ajeesh Achuthan (Co-Founder & CTO).
Open Financial Technologies has raised $187.0M in total across 5 funding rounds.
Open Financial Technologies's investors include IIFL, 3one4 Capital, Temasek, Tiger Global, B Capital Group, Venture Highway, Google, SBI Investment, Better Capital, Speedinvest, Tanglin Venture Partners, Astir Ventures.
Key people at Open Financial Technologies.
Open Financial Technologies is a leading fintech company founded in 2017 that builds a comprehensive neo-banking platform specifically designed for small and medium enterprises (SMEs), startups, and freelancers. Its product integrates business banking with financial tools such as invoicing, automated bookkeeping, payroll, expense management, tax filing, and credit access, creating an all-in-one financial operating system that simplifies and automates financial operations for over 3.5 million businesses and 65,000 accountants. The platform processes more than $30 billion in annualized transactions, addressing a critical gap in traditional banking services that often overlook the unique needs of SMEs[1][3][4].
Founded by serial entrepreneurs Anish Achuthan, Mabel Chacko, Ajeesh Achuthan, and Deena Jacob, Open emerged from the recognition of the untapped potential and financial management challenges faced by India’s vast SME sector. The founders envisioned a seamless, integrated financial ecosystem that would empower small businesses with tools to manage payments, accounting, and compliance efficiently. Early traction was rapid, with Open becoming India’s 100th unicorn by 2022, reflecting its meteoric growth and market validation[1][2].
Open rides the wave of digital transformation in financial services, particularly the rise of neo-banking and embedded finance tailored for SMEs—a segment traditionally underserved by legacy banks. The timing aligns with increasing digitization of business operations, regulatory support for fintech innovation, and growing SME adoption of technology in India and Asia. Open’s integrated platform reduces operational friction, enabling SMEs to scale efficiently and compete globally. By modernizing business finance, Open influences the fintech ecosystem by setting new standards for SME banking and financial management[1][3][4].
Looking ahead, Open Financial Technologies is poised to deepen its market penetration and expand internationally, leveraging its scalable platform and banking partnerships. Trends such as AI-driven financial automation, embedded credit, and real-time payments will likely shape its product evolution. As SMEs increasingly demand seamless, integrated financial solutions, Open’s influence as a pioneer in neo-banking for businesses is expected to grow, potentially redefining SME finance across emerging markets.
In summary, Open Financial Technologies exemplifies a product-first, user-focused fintech innovator that has transformed SME banking by creating a unified financial ecosystem, addressing a critical market gap with strong growth momentum and a clear vision for the future[1][3][4].
