Open Financial is a digital banking enterprise for financial institutions, SMEs, startups & freelancers which was founded by Anish Achuthan and Mabel Chacko, alongside Ajeesh Achuthan and Deena Jacob in 2017. The company comprises of 3 business units, Open Money, Zwitch, and BankingStack.
Open Money offers a business account in partnership with banks that help SMEs, startups & freelancers to manage everything from banking to automated accounting and bookkeeping in one simple dashboard. Open Money is currently serving more than 20,00,000 SMEs and processing US$24 Billion in transactions annually making it the fastest-growing neobanking platform globally.
BankingStack is a cloud-native SME banking platform for financial institutions and is currently deployed at over 15 banks in India and 2 banks in South-East Asia. Using BankingStack’s financial OS banks can now complement their own digital banking offerings and offer a superior experience to their customers.
Zwitch is an industry-first no-code embedded finance platform that enables businesses from any industry to build personalized financial products & services that seamlessly fit into the customer journey.
Open Financial recently raised a Series C funding of US$100 Million led by Temasek, Google, SBI Investments along with existing investors Tiger Global and 3one4 Capital.
Open Financial has been recognized among the top 100 fintech companies globally in the 2019 #Fintech100 Report by KPMG and H2 Ventures and was also featured among the top 5 emerging digital banking startups by Startus Insights. Open has been awarded the ‘Most Innovative Neobank’ at the India Fintech Awards 2021, ‘Most Innovative Digital Bank’, and the ‘Excellence in Neobanking’ Award by the Internet and Mobile Association of India, and the Associated Chambers of Commerce and Industry of India respectively.