Open: A One-Stop Solution for Business Banking

Open: A One-Stop Solution for Business Banking – Business banking is a vital function for any SME or startup, as it involves managing the cash flow, payments, invoices, taxes, accounting and compliance of the business. However, the current business banking solutions are mostly outdated, complex and inefficient. They require the business owners to use multiple tools and platforms, such as bank accounts, payment gateways, accounting software, tax filing services, etc., which are often not integrated or compatible with each other. Moreover, they charge high fees and commissions, offer poor customer service and support, and lack the features and flexibility that the modern businesses need.

Open

Details of the startup:

  • CITY: Bengaluru
  • STATE: Karnataka
  • STARTED IN: 2017
  • FOUNDERS:  Ajeesh Achuthan, Anish Achuthan, Deena Jacob and Mabel Annie Chacko
  • NUMBER OF INVESTORS : 21
  • LATEST ROUND INVESTMENT : ₹3876.05M
  • TOTAL INVESTMENT :₹14338.16M
  • EQUITY VALUATION : ₹77521.00M
  • TOTAL SECURED LOANS AVAILED :₹450.92M

You can find their website here.

This is where Open, India’s first neobanking platform for SMEs and startups, comes in. Open is a fintech startup that provides a comprehensive and seamless solution for business banking, using technology and innovation. Open offers a smart business account that combines banking, payments, invoicing, accounting and tax compliance in one platform. Open also offers value-added services, such as automated bookkeeping, expense management, cash flow analysis, GST filing, etc. Open aims to simplify and streamline the business banking process, by saving time, money and effort for the business owners.

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How does Open work?

Open works in three simple steps:

  • Sign up: The user can sign up for Open using their email address, phone number and PAN card. The user can then create their business profile, by providing details such as business name, address, GST number, etc. The user can also link their existing bank account to Open, or open a new bank account with Open’s banking partner, ICICI Bank.
  • Set up: The user can set up their business account on Open, by choosing the features and services they want to use. The user can enable or disable the features such as payments, invoicing, accounting, tax compliance, etc., according to their preferences and needs. The user can also customize their account settings, such as currency, language, notifications, etc.
  • Start: The user can start using their business account on Open, by performing various business banking activities, such as sending and receiving payments, creating and sending invoices, managing and tracking expenses, reconciling transactions, generating reports, filing taxes, etc. The user can also access the dashboard, where they can view and analyze their business performance, cash flow, profitability, etc.

Open

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What are the benefits of Open?

Open has several benefits over the conventional business banking solutions, such as:

  • Convenience and efficiency: Open provides a one-stop solution for business banking, by integrating all the essential tools and services in one platform. Open eliminates the need to use multiple platforms, tools and services, which can be cumbersome and time-consuming. Open also automates and simplifies the business banking tasks, such as invoicing, accounting, tax filing, etc., which can reduce the manual work and errors.
  • Affordability and transparency: Open offers a low-cost and transparent pricing model, by charging a flat monthly fee for the features and services, and no hidden charges or commissions. Open also offers a free trial period, where the user can try out the features and services for free, and then upgrade to a paid plan if they want to continue. Open also provides clear and detailed invoices and statements, which can help the user track and manage their expenses and income.
  • Security and reliability: Open provides a secure and reliable platform for business banking, by using encryption, authentication and verification methods to protect the user’s data and transactions. Open also complies with the regulatory and legal norms, such as RBI, GST, etc., to ensure the user’s compliance and safety. Open also offers 24/7 customer service and support, via phone, email and chat, to assist the user with any queries or issues.
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How can you get Open?

Open is a product of Open Financial Technologies Pvt Ltd, a fintech startup founded in 2017, with the vision to create a unified platform for business banking. Open is currently available for download on the Play Store and App Store, where you can also find more information about the company, the product, the features, the benefits and the testimonials. You can also contact them via email – letstalk@bankopen.co., phone – 96060 33544  or social media : LinkedInInstagram, for any queries or feedback.

Open is a solution that can change the way you do business banking. It is a solution that can help you manage your cash flow, payments, invoices, accounting and tax compliance, with ease and convenience. It is a solution that can make you an Open, a smart and savvy business owner. Get your Open today and join the neobanking revolution.

 

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