At a time when fintech revolutionises India’s banking sector, neo-banking services are gaining attention. Fintech startup Open Financial Technologies started by a group of Malayalis provides neo-banking services to small enterprises. The startup, which was launched by Aneesh Achutan and Ajeesh Achutan, natives of Perinthalmanna, Mabel Chacko hailing from Thiruvalla and Deena Jacob from Mallappally, is working on expanding its activities to more countries.
Neo Banking is a technology-based service that works in collaboration with a bank. In addition to conducting banking services online, it lets the user keep accurate records of business and financial transactions. Open is the simplest and most innovative platform offering neo-banking service. Open offers support during financial transactions of startups and SMEs. This has eliminated many of the problems that small traders face in banking. Moreover, it is possible to complete banking transactions in a timely manner.
Annually, banking transactions worth 35,000 crores happen through the platform. OpenBank CEO Aneesh Achutan claims that over 20,000 small enterprises join the platform every month. With the two recent global investments, the value of Open Financial has increased to over Rs. 1000 crore. The investment has been done by Tiger Global Management, which earlier invested in global brands such as Uber, Facebook and Ola. The financial start-up aims to expand its business to one million small and medium-sized businesses by 2020
