Open, the fastest-growing SME neobanking service globally, has made it to the ‘Fintech 100’, a collaborative initiative undertaken by KPMG and H2 Ventures, which recognizes the best fintech innovators from around the world. Open is the only neobanking platform from India to be featured on this list, and one of eight Indian fintech companies beside Paytm, Ola Money, Policy Bazaar and LendingKart to be recognized.
The ‘Fintech100’, currently in its sixth year, highlights truly innovative companies who are creating products and services at the juncture of technology and financial services. These companies are seeking to disrupt the existing processes and products that dominate the marketplace, with fintech companies from 36 countries featuring in this year’s list.
Mabel Chacko, Co-founder of Open, said: “This is a proud moment for us at Open and we are honoured to be among the eight Indian Fintechs on the KPMG Fintech100 list. It took us two years of hustle to reach the traction we see today with over 200,000 SMEs using our platform. This is just the beginning. We aim to have 10 lakh SMEs using Open by September 2020.’’
Open Financial Technologies Pvt Ltd (bankopen.com) is an SME-focused business banking platform. Open is founded by serial entrepreneurs Anish Achuthan, Mabel Chacko and Ajeesh Achuthan along with exTaxiforSure CFO Deena Jacob.
Founded in 2017, Open is one of the world’s fastest growing SME-focused business banking platforms with over 200,000 SMEs, processing over $6.5billion (INR 45,000 crores) in transaction processing volume annually and adding 35,000 new SMEs every month.
Open is backed by leading global investors like Tiger Global, Speedinvest, Beenext, Recruit Strategic Partners, AngelList, 3one4 Capital, Unicorn India Ventures, Tanglin Venture Partner Advisors etc and has raised $35 million in funding so far.