Open gets $30 million from Tiger Global, others

BENGALURU: Neo-banking platform Open has raised $30 million (about Rs 210 crore) in Series-B funding led by US-based investment firm Tiger Global Management, with participation from Tanglin Venture Partners Advisors. Existing investors 3one4 Capital, Speedinvest and Better Capital AngelList Syndicate have also participated in the round.

ET first reported the development in its May 14 edition.

The Bengaluru-based startup plans will use the funds to expand operations across a million small enterprises within the next one year. It also plans to launch new products and start value-added services for customers. Two such new products are Open+ card, a business credit card with 30-day-interest free credit line for venture-backed startups, and Layer, a programmable bank account for developers.


The platform works with banks, offering a banking solution to enterprises to help them automate payments, book-keeping and integrate banking within business work flows. Open now works with 1 lakh small enterprises and processes transactions worth $5 billion. It claims it is adding more than 20,000 SMEs every month.