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Kerala startup mission scheme raises $5 million funding

Updated: Feb 15, 2019 06:14:49am

Kerela startup mission scheme raises $5 million funding

Thiruvananthapuram, Feb 15 (KNN) A homegrown start-up in Kerala that offers business banking solutions for Small and Medium Enterprises (SMEs) has successfully raised funding of USD 5 million from leading investors.

The company was part of the ‘Fund of Fund’ scheme of the Kerala Startup Mission (KSUM).

Open, the neo-banking platform for SMEs, will use the funds to scale up the team and launch new products, including a credit card named DUO for start-ups, scheduled to be introduced in March.

Open bagged the funding of USD 5 million from a consortium led by Beenext, Speedinvest, and 3one4 Capital. Existing investors Unicorn India Ventures and Angellist Syndicate also participated in this round.

The platform has grown to over 30,000 SMEs and has been processing over $2 billion in transaction run rate. It is adding over 7500 SMEs every month.

CEO, KSUM, Saji Gopinath said, “Open has set a benchmark to be emulated by start-ups in the State. More start-ups will follow suit, realising the unique possibilities awaiting them.”

Founded in 2017 by serial entrepreneurs Anish Achuthan, Mabel Chacko and Ajeesh Achuthan, along with Deena Jacob, former CFO, TaxiForSure, Open offers a business account in partnership with banks that helps SMEs automate and run their finances effectively.

The account has tools required by a small business to send and receive payments combined with an automated bookkeeping tool to integrate banking into their business workflows. (KNN Bureau)


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