Total amount raised
$190.8 Millions
Latest funding date
05/01/2022
Location
Open Financial Technologies has successfully raised significant funding over multiple rounds, with the latest being a Series D round. The platform offers a comprehensive suite of financial management tools tailored for SMEs and startups.
Keep reading to explore the intricacies of Open Financial Technologies' fundraising journey and the investors backing this innovative platform.
What Is Open Financial Technologies?
Open Financial Technologies, founded in May 2017, is a neo-banking platform based in Bangalore, Karnataka, India. The company was established by Ajeesh Achuthan, Anish Achuthan, Deena Jacob, and Mabel Chacko.
Open provides a comprehensive platform that integrates banking, payments, accounting, and expense management for SMEs and startups. Their suite of products includes Business Payments Platform, Open Accounting, GST & TDS Filing, Tally Integration, Zoho Books Integration, and Oracle NetSuite Integration.
With a workforce of 251-500 employees, Open aims to simplify financial management for businesses, helping them manage their cash flow more efficiently.
How Much Funding Has Open Financial Technologies Raised?
- Angel Round
- Amount Raised: $250K
- Date: July 2017
- Lead Investors: Amrish Rau, Jitendra Gupta
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the company's operations and develop the initial product offerings.
- Pre-Seed Round
- Amount Raised: $150K
- Date: December 2017
- Lead Investors: ISME ACE - FinTech Accelerator
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop the platform and prepare for market entry.
- Seed Round
- Amount Raised: $2M
- Date: May 2018
- Lead Investors: Unicorn India Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and scale the platform's capabilities.
- Series A
- Amount Raised: $5M
- Date: February 2019
- Lead Investors: 3one4 Capital, BEENEXT, Speedinvest
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance product offerings and increase market penetration.
- Series B
- Amount Raised: $30M
- Date: June 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and expand the customer base.
- Debt Financing
- Amount Raised: ₹250M
- Date: June 2021
- Lead Investors: Trifecta Capital Advisors
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support working capital needs and fuel growth initiatives.
- Series C
- Amount Raised: $100M
- Date: September 2021
- Lead Investors: Temasek Holdings
- Valuation at Round: $600M
- Motivation Behind the Round: To support growth and expansion efforts leading up to the Series D round.
- Series D
- Amount Raised: $50M
- Date: May 2022
- Lead Investors: IIFL Finance
- Valuation at Round: $1B
- Motivation Behind the Round: To accelerate product offerings, drive global expansion, and increase the customer base to over five million.
Total Amount Raised: $187.65M
Current Valuation: $1B
Key Investors
- IIFL Finance
- Details: IIFL Finance is a diversified financial services company in India. It offers a range of services including loans, wealth management, and financial advisory.
- Investment Focus Areas: Financial services, wealth management, lending.
- Notable Investments: Ola, Open Financial Technologies.
- Temasek Holdings
- Details: Temasek Holdings is a global investment company headquartered in Singapore. It is owned by the Government of Singapore and invests in various sectors worldwide.
- Investment Focus Areas: Telecommunications, media & technology, financial services, consumer & real estate.
- Notable Investments: Alibaba, Airbnb, Ant Financial, Gojek.
- Tiger Global Management
- Details: Tiger Global Management is an American investment firm that focuses on public and private companies in the global Internet, software, consumer, and financial technology industries. It is known for its aggressive investment strategy.
- Investment Focus Areas: Internet, software, consumer, financial technology.
- Notable Investments: Facebook, LinkedIn, Spotify, Flipkart.
- 3one4 Capital
- Details: 3one4 Capital is an early-stage venture capital firm based in India. It focuses on investing in technology-driven startups.
- Investment Focus Areas: SaaS, enterprise automation, fintech, digital media, deep technology.
- Notable Investments: Licious, Darwinbox, Betterplace.
- BEENEXT
- Details: BEENEXT is a venture capital firm investing in early-stage technology startups. It has a strong presence in Asia and focuses on supporting innovative entrepreneurs.
- Investment Focus Areas: Technology startups, fintech, SaaS.
- Notable Investments: Not publicly disclosed.
What's Next for Open Financial Technologies?
Open Financial Technologies stands at the cusp of significant growth opportunities. With its recent unicorn status, the company is poised to leverage increased visibility and access to larger capital pools. The launch of new products like Open Flo, Open Settl, and Open Capital aims to address the capital needs of SMEs, targeting to disburse $1 billion in lending within the next year. This expansion is set to increase their customer base to over five million globally.
Future fundraising opportunities appear promising, as the company's rapid growth and ambitious plans make it an attractive prospect for investors. The fintech sector's projected growth to $1 trillion by 2025 further underscores the potential for additional funding rounds. However, Open will need to navigate challenges such as scaling operations, managing competitive pressures, and ensuring regulatory compliance across different markets.
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