- Companies
- Open Financial Technologies
Open Financial Technologies Valuation, Funding & Investors
Open Financial Technologies is valued at $1B as of May 2022.
Last Open Financial Technologies valuation
$1B
Series D · May 2022
Last Open Financial Technologies funding round
$50M
Series D · May 2022
Cumulative funding Open Financial Technologies raised
$188M
across 7 funding rounds
Key investors in Open Financial Technologies
3one4 Capital
Tiger Global
Temasek
Speedinvest
AngelList
Unicorn India Ventures
About Open Financial Technologies
Open Financial Technologies is a Singapore-headquartered neobanking platform for SMEs across Asia, streamlining banking, payments, accounting, and expense management in one interface. It serves over 1 million businesses with tools to unify financial operations, allowing focus on growth. Backed by investors including Tiger Global, Speedinvest, Beenext, and 3one4 Capital, the company employs more than 250 fintech specialists. Launched in 2018, Open expands in markets like India and Southeast Asia with integrated services for small enterprises.
Founded
2017
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Valuation
$1B (May 2022)
Open Financial Technologies Valuation
Open Financial Technologies is currently valued at $1B, based on its Series D in May 2022.
The $50M round was led by IIFL Finance, with participation from Temasek, Tiger Global and 3one4 Capital.
Open Financial Technologies' valuation has grown 6.7x from $150M at its Series B in June 2019 to $1B in May 2022, across 3 priced rounds.
Open Financial Technologies valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| May 2022 | Series D | $1B |
| Sep 2021 | Series C | $500M |
| Jun 2019 | Series B | $150M |
Open Financial Technologies Funding History
Open Financial Technologies has raised a total of $188M across 7 funding rounds.
Open Financial Technologies' first fundraising round was a $300K angel round in July 2017. The most recent completed round was a $50M Series D in May 2022.
Open Financial Technologies funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| May 2022 | Series D | IIFL Finance (lead); Temasek; Tiger Global; 3one4 Capital | $50M | $1B | Open Financial Technologies, a Bengaluru-based neobanking platform for SMEs and startups, finalized a $50 million Series D funding round on May 2, 2022, led by IIFL Finance with participation from existing investors Tiger Global, Temasek, and 3one4 Capital. The round valued the company at over $1 billion, achieving unicorn status and doubling its valuation from $500 million in the September 2021 Series C. Open provides a connected banking platform powered by partner banks, offering business accounts for payments, auto-reconciliation, payouts, integrated payment gateways, automated accounting, and expense management tools. The proceeds are intended to expand product offerings in lending such as revenue-based financing, early settlement, working capital loans, and business credit cards, drive global expansion, and double the employee base to 1,000. At the time of the round, Open served over 1.5 million SMEs, onboarding 50,000 new customers monthly, and processed $24 billion in annual transactions according to one report, with another citing over $30 billion in annualized transactions and 2.3 million SMEs. The company aims to reach 5 million SMEs and disburse $1 billion in loans within 12 months through new lending products. Founded in 2017, Open has raised $187.4 million across nine rounds from 22-24 investors, positioning it as a leader in India's neobanking space for small businesses amid synergies with IIFL for MSME credit delivery. Open operates as a fully digital neobank without physical branches, focusing on financial payments and enterprise banking solutions. It previously collaborated on Banking-as-a-Service research and continues to grow steadily in the competitive Indian fintech market, with potential for future funding or an IPO despite challenges like regulation and competition. |
| Sep 2021 | Series C | Temasek (lead); AngelList India; Thirdbase Capital; SBI Investment; Tiger Global; Alphabet; 3one4 Capital | $100M | $500M | Open Financial Technologies, operating as Open, is a Bengaluru-based fintech providing neobanking services for SMEs and startups, including business accounts, payments, auto-reconciliation, payouts, payment gateways, accounting, and expense management, powered by partner banks. Founded in 2017, it aims to simplify banking, payments, and accounting for small and medium businesses. In September 2021, the company raised approximately $100 million in a Series C round led by Temasek Holdings, with participation from investors including 3one4 Capital, AngelList India, Google, SBI Investment, Tiger Global, and Thirdbase Capital. This funding was aimed at expanding operations and scaling services. Open had previously raised in debt financing in June 2021 from Trifecta Capital and earlier equity rounds. Post-Series C, it achieved unicorn status in May 2022 with a Series D of $50M led by IIFL Finance at $1B valuation, backed by 3one4 Capital Partners, Temasek, and Tiger Global, totaling $187.4M raised over 9 rounds by May 2022. Open continued growth, onboarding 50,000 new SMEs monthly by later reports, amid India's expanding fintech sector. It became Kerala's first unicorn, highlighting regional significance despite Bengaluru HQ. Competitive pressures include regulatory changes and scaling challenges, with potential for IPO and global expansion. |
| Jun 2019 | Series B | Speedinvest; Tiger Global; AngelList; Tanglin Venture Partners; 3one4 Capital | $30M | $150M | Open Financial Technologies, a Bangalore-based fintech startup operating as a neo-bank, raised $30 million in a Series B funding round on June 25, 2019, led by Tiger Global with participation from Tanglin Venture Partners Advisors and existing investors 3one4 Capital, Speedinvest, and BetterCapital AngelList Syndicate. The round valued the two-year-old company at $150 million post-money, bringing its total funding to about $37 million including a prior $5 million Series A earlier that year. Open provides business banking services, including automated accounts in partnership with banks, payment gateways, prepaid cards, and multi-bank connectivity to help small and medium enterprises (SMEs) manage finances efficiently. At the time of the round, Open had over 100,000 customers, adding 20,000 monthly, and processed about $5 billion in transactions annually, equivalent to over Rs 35,000 crore. The 85-person team planned to use the funds to expand products like the upcoming Open+ business credit card and Layer programmable accounts, hire to reach 200 employees, and grow to 1 million customers within a year. Founders emphasized first-mover advantage in a market underserved by traditional banks for small business needs, competing minimally with players like InstantPay. This 2019 round marked Open's push into scaling operations amid India's growing fintech scene for SMEs, with later developments including a Series D in recent years reaching unicorn status at over $1 billion valuation, but the specified round details remain as reported contemporaneously. |
| Feb 2019 | Series A | 3one4 Capital (lead); BEENEXT (lead); Speedinvest (lead); Unicorn India Ventures; AngelList | $5M | - | Open Financial Technologies raised $4.6 million to $5 million in a Series A funding round in February 2019, led by Beenext and 3one4 Capital, with participation from Speedinvest, Unicorn India Ventures, and AngelList syndicate. The round valuation was not publicly disclosed. The company operates as a neobanking platform that automates collections, payouts, invoicing, taxation, and GST filings for small businesses through partnerships with banks. By the time of the Series A round, Open had served 25,000 businesses and processed $2 billion in transactions. The company was founded in 2016 by Anish Achutan, Ajeesh Achutan, Mabel Chacko, and Deena Jacob (former TaxiForSure CFO), following the 2016 exit of Zwitch to Citrus Pay. |
| May 2018 | Seed | Unicorn India Ventures (lead); ISME ACE FinTech Accelerator; Endurance Capital; BetterCapital AngelList syndicate; Recruit Strategic Partners; Kishore Ganji | $2M | - | - |
| Dec 2017 | Pre-seed | ISME ACE FinTech Accelerator (lead) | $200K | - | - |
| Jul 2017 | Angel | Amrish Rau (lead); Jitendra Gupta (lead); Aprameya Radhakrishna; BetaPlus Capital; Archana Priyadarshini | $300K | - | - |
Who has invested in Open Financial Technologies?
23 investors have backed Open Financial Technologies across its funding rounds, including 3one4 Capital, Tiger Global, Temasek, Speedinvest, AngelList and Unicorn India Ventures.
Lead investors include IIFL Finance, Temasek, 3one4 Capital, BEENEXT, Speedinvest and 4 other investors.
Open Financial Technologies Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 4 | Lead | Feb 2019 | ||
| 3 | Participant | Jun 2019 | ||
| 2 | Lead | Sep 2021 | ||
| 2 | Lead | Dec 2017 | ||
| 2 | Lead | Feb 2019 | ||
| 2 | Lead | May 2018 | ||
| 2 | Participant | Feb 2019 | ||
| 1 | Participant | Jul 2017 | ||
| 1 | Participant | Sep 2021 | ||
| 1 | Participant | Sep 2021 | ||
| 1 | Participant | Sep 2021 | ||
| 1 | Participant | May 2018 | ||
| 1 | Lead | Feb 2019 | ||
This data is available for Pro users. Sign up to see all 23 Open Financial Technologies investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAcquisitions by Open Financial Technologies
Open Financial Technologies has acquired 2 companies to date.
Last acquisition by Open Financial Technologies was on December 14th 2021. Open Financial Technologies acquired Finin for $10M.
Latest Acquisitions by Open Financial Technologies
| Description | Bengaluru-based Finin serves as an AI-driven neobank in India, digitizing banking through account management, card aggregation features, and real-time notifications for transaction history and predictions. | Bhanu Tax Consultancy is a provider of GST compliance and financial automation software branded as Optobizz for tax practitioners and SMEs in India. The platform automates accounts receivable, payables tracking, and bank reconciliations with Tally and QuickBooks integrations. Optobizz generates GSTR-1, GSTR-3B returns, and e-invoicing compliant with GSTN portals. Based in New Delhi, it processes transactions for over 10,000 users handling monthly filings for businesses under GST regime. |
| HQ Country | ||
| HQ City | Bangalore | Hyderabad |
| Deal Date | 14 Dec 2021 | 18 Feb 2021 |
| Valuation | $10M | $5M |
| EV/Revenue | ||
| EV/EBITDA | ||
This data is available for Pro users. Sign up to see all Open Financial Technologies acquisitions and their M&A valuation multiples. Start Free Trial | ||
Open Financial Technologies Competitors
Open Financial Technologies competitors include listed companies like Bravura Solutions and Vitec Software, and private ones like Omnio, Juni, 10X Banking and Augustus.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $900M | - | ||
| Private | - | - | $800M | - | ||
| Private | $118M | $7M | $700M | 5.9x | ||
| Private | - | - | $1B | - | ||
| Publicly listed | $201M | $55M | $1B | 4.9x | ||
| Publicly listed | $371M | $151M | $1B | 3.5x |
Open Financial Technologies Public Comps
Open Financial Technologies is still privately-owned, but its public comps include Agibank, Bravura Solutions, Superbank Indonesia, Vitec Software, Forbright Bank, Intellect Design Arena Ltd, Eurowag, Optasia, Wema Bank and Shenzhen Sunline.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1.3B | $227M | 0.8x | 0.6x | 4.4x | 5.3x | |||
| $201M | $55M | 4.9x | 4.9x | 17.9x | 17.0x | |||
| $89M | - | 10.8x | - | - | - | |||
| $371M | $151M | 3.7x | 3.5x | 9.1x | 9.0x | |||
| $325M | - | 2.9x | - | - | - | |||
| $317M | $64M | 2.8x | 2.6x | 13.8x | 12.7x | |||
| $2.7B | $119M | 0.5x | 3.0x | 10.3x | 7.5x | |||
| $265M | $79M | 4.3x | 3.6x | 14.5x | 9.1x | |||
This data is available for Pro users. Sign up to see all Open Financial Technologies competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Open Financial Technologies
| When was Open Financial Technologies founded? | Open Financial Technologies was founded in 2017. |
| Where is Open Financial Technologies headquartered? | Open Financial Technologies is headquartered in Bangalore, India. |
| Is Open Financial Technologies publicly listed? | No, Open Financial Technologies is a private, VC-backed company. |
| What is Open Financial Technologies' valuation? | Open Financial Technologies was last valued at $1B in its Series D in May 2022. |
| How much funding has Open Financial Technologies raised? | Open Financial Technologies has raised $188M across 7 funding rounds. |
| What was Open Financial Technologies' last funding round? | Open Financial Technologies' last funding round was a $50M Series D in May 2022, led by IIFL Finance. |
| Who are Open Financial Technologies' investors? | Open Financial Technologies' investors include 3one4 Capital, Tiger Global, Temasek, ISME ACE FinTech Accelerator, Speedinvest, Unicorn India Ventures, AngelList, Aprameya Radhakrishna, AngelList India, Thirdbase Capital and 13 others. |
| Which companies are comparable to Open Financial Technologies? | Companies comparable to Open Financial Technologies include Omnio, Juni, 10X Banking, Augustus, Bravura Solutions and Vitec Software. |
| How many companies has Open Financial Technologies acquired? | Open Financial Technologies has acquired 2 companies, including Finin and bhanu tax consultancy. |
| What was the largest acquisition by Open Financial Technologies? | The $10M acquisition of Finin in December 2021 is the largest acquisition Open Financial Technologies has made to date. |
See companies similar to Open Financial Technologies
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.




