We are thrilled to share that Asia’s largest digital banking platform for SMEs and startups, Open, and one of India’s leading private banks, Axis, have come together to offer a fully native, digital current account journey for customers. This move will transform banking for millions of SMEs, freelancers, homepreneurs, and influencers.
The partnership will leverage Axis Bank’s all-round, user-focussed banking capabilities and Open’s end-to-end financial automation tools for business management.
The Strategic Partnership
The collaboration is poised to transform how businesses bank by significantly reducing the time and effort that establishments need to input for finance-focussed operations. The customer authentication process will be digital and contactless, only requiring a PAN and Aadhaar followed by a video KYC routine. This one-of-a-kind current account product will redefine the category with its hassle-free, paperless, and zero documentation feature. Enterprises will be able to access 250+ banking services and claim up to 50% cash back through grab-deals.
Through this innovation-led partnership model, existing Axis Bank account holders who are SMEs and retail businesses will have access to Open’s digital banking solutions. Open can now accelerate its growth momentum from 2022 and establish itself as a leader at the intersection of payments, credit, accounting, and automation.
The Successful Track-Record
Open was the first fintech platform to receive in-principle approval from the RBI for a Payment Aggregator Gateway licence. The approval came shortly after the RBI green-lit cross-border payments for Open.
It also won the Global Fintech Award ‘22 for the Best Digital Banking Solution and Mabel Chacko, Co-founder and COO won the Fintech Women of the Year Award at the Global Fintech Fest in Mumbai. Among other accolades, Open was honoured with the Startup of the Year Award at the Dhanam Business Summit and Awards Nite ‘22 and the Most Innovative Fintech Product recognition at the Indian Fintech Forum’s Fintech Awards ‘22.
Open’s Mabel Chacko and Deena Jacob were featured on Mint’s 100 Women Entrepreneurs Building & Shaping India, a list that recognised women leaders who took on market categories and built products and services that have become modern benchmarks.
Open also helped set up Kerala’s first fintech accelerator cohort, OpenUp. It aims to onboard 500 startups over the next five years and has set aside ₹100 crores for the programme.
At 3one4 Capital, we are proud of Open and its team that built India’s 100th unicorn. We are eager to see the next big thing Open achieves as it enables millions of SMEs and entrepreneurs to realise their true potential with a full-stack product suite for every single business requirement.