# Open Financial Technologies Pvt.

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/open-financial-technologies-pvt

- Industry: Financial Services
- Headquarters: Bangalore, India
- Website: www.open.money
- Total disclosed funding: $245M
- Latest round: Series D (May 2, 2022)
- Investors on record: 13

## About

Based in Bangalore, India, and founded in 2017, Open Financial Technologies Pvt. Ltd. provides an online platform for banking and intercompany settlement. The company was co-founded by Ajeesh Achuthan, Anish Achuthan, Deena Jacon, and Mabel Chacko, and as of September 2021, Open Financial claims to work with 450,000 SME’s and process transactions worth USD 11 billion. In October 2021, Open Financial Technologies Pvt. Ltd. raised USD 100 million in series C funding led by returning investor Temasek Holdings, with participation from returning investors.

The company engages in the development of financial automation solutions for small businesses. Its solutions automate the banking, invoicing, and bookkeeping of the business. The company's business banking features include a business current account, an integrated payment gateway, automated accounting, multi-bank connect, MasterCard spend cards, and developer application programming interfaces (APIs). It allows users to manage their invoices, payouts, payroll and accounting in one place. It also automatically reconciles bank transfers, cash, and cheque payments.

The company generates revenue by selling its products on a subscription basis.

Open Financial Technologies plans to use the series C funding in October 2021 to strengthen and accelerate its new product line, which includes its embedded finance platform.

## Funding rounds

- Series D, May 2, 2022, $50M — Temasek Holdings, Tiger Global Management, IIFL Capital, 3one4Capital Advisors
- Series C, Oct 12, 2021, $100M — Temasek Holdings, Tiger Global Management, GV, SBI Investment, 3one4Capital Advisors
- Series C, Sep 22, 2021, $62M — Tiger Global Management, GV, Temasek Holdings, 3one4Capital Advisors
- Series B, Jul 2, 2019, $27M — Tiger Global Management, Speedinvest, AngelList, 3one4Capital Advisors, Tanglin Venture Partners
- Series A, Feb 6, 2019, $4.5M — Speedinvest, AngelList, Unicorn India Ventures, BEENEXT, 3one4Capital Advisors
- Seed, May 17, 2018, $2M — Recruit Co., Ltd., AngelList, Unicorn India Ventures, ISME ACE
- Seed, Oct 30, 2017, $0.1M — ISME ACE

## Investors

- ISME ACE (https://capitalatlas.ai/funds/isme-ace) — Seed
- Recruit Co., Ltd. — Seed
- AngelList — Seed, Series A, Series B
- Unicorn India Ventures (https://capitalatlas.ai/funds/unicorn-india-ventures) — Seed, Series A
- Speedinvest (https://capitalatlas.ai/funds/speedinvest) — Series A, Series B
- BEENEXT (https://capitalatlas.ai/funds/beenext) — Series A
- 3one4Capital Advisors (https://capitalatlas.ai/funds/3one4capital-advisors) — Series A, Series B, Series C, Series D
- Tiger Global Management (https://capitalatlas.ai/funds/tiger-global-management) — Series B, Series C, Series D
- Tanglin Venture Partners (https://capitalatlas.ai/funds/tanglin-venture-partners) — Series B
- GV (https://capitalatlas.ai/funds/gv) — Series C
- Temasek Holdings — Series C, Series D
- SBI Investment (https://capitalatlas.ai/funds/sbi-investment) — Series C
- IIFL Capital — Series D