Open
- Company typePrivate
- Founded2017
- HeadquartersBangalore, India
- Headcount251–500
- GTM typeB2B
- OfferingSoftware
Open firmographics
Firmographics- Name
- Open
- Legal name
- Open Financial Technologies Private Limited
- Website
- https://open.money
- Company type
- Private
- Founded year
- 2017
- Operating status
- Operating
- Headcount range
- 251–500 employees
- Ownership category
- akta.pro rank
Open industry classification
Industry- Product category
- Corporate Banking Software
- SIC
- Services-Prepackaged Software (7372), Finance Services (6199)
- akta.pro primary industry
- Open Banking, Account Aggregation & Payment Initiation APIs (BPAMAFAJ)
- akta.pro secondary industries
- Open Banking APIs & Connectivity (FSAMAFAA), Risk, Compliance & Controls for Embedded Finance (KYB/KYC/AML, Fraud, Disputes) (FSAGALAK), A2A Cross-Border & FX via Open Banking (FSAMAFAK)
Keywords
Where Open is headquartered
LocationHeadquarters
- HQ city
- Bangalore
- HQ country
- India
- HQ region
- Asia
Offices3 records
Markets served
Open business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure, Others
Revenue model
- Subscription SaaS (Multi-tier): Three-tier subscription model: Essential, Growth (most popular), and Enterprise. Pricing tailored to banks, entities, users, transaction volumes, workflows, integrations, automation depth and support needs. No forced bundles, no surprise pricing.
- Payment Aggregator Services: RBI-licensed payment aggregator. Revenue from transaction fees on collections and disbursements. Bharat Connect, payment gateway services. Works with all 40+ connected banks.
- Compliance Services: GST filing, TDS deposit, e-Invoicing IRN generation, ITC reconciliation — compliance modules included in subscription tiers.
- BankingStack (White-label): Digital banking platform white-labeled to banks — SME internet banking, business banking and corporate banking experiences for leading Indian banks. 3 of India's top-5 private banks deployed by Open.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Monthly | Essential - For growing businesses needing multi-bank visibility, approvals and basic finance control |
| Subscription | Monthly | Growth - Most popular. For finance teams managing higher transaction volumes, receivables, payables and reconciliation |
| Subscription | Annual | Enterprise - For large businesses with multiple entities, custom workflows and deeper integrations |
| Freemium | Pay-as-you-go | Startup Plan (Free tier) |
Go-to-market motion4 records
Distribution channels4 records
Marketing channels7 records
Open product offering
Product offeringCore offering
Open is an AI-native Corporate Internet Banking platform that connects a business's existing bank accounts across 40+ Indian banks into a single workspace. Pre-built AI agents reconcile transactions, forecast cash, chase receivables, draft payables, manage treasury and prepare compliance filings, while humans retain approval over every rupee moved. The platform is sold under three sub-brands: Open Money (for businesses), Zwitch (embedded finance APIs for platforms) and BankingStack (white-label digital banking for banks).
Product overview
Open operates as a multi-platform fintech company with three distinct offerings: Open Money (AI-native Corporate Internet Banking for enterprise finance teams), Zwitch (banking-as-a-service infrastructure for platforms), and BankingStack (digital banking platforms deployed at banks). Open Money is a modular platform built around a core smart statement that auto-tags transactions at source, with interconnected modules including Multi-bank connectivity (40+ bank aggregation), Payments (B2B collections and payouts), Receivables (AR automation), Payables (AP automation with 3-way matching), Treasury (cash forecasting and yield optimization), Spend Management (corporate card control), Compliance·GST (tax filing automation), Escrow & Cash Management (segregated trust accounts), and Smart Ledger (unified ERP-connected financial position). The platform is distinguished by pre-built AI agents for reconciliation, receivables, payables, treasury, and compliance, with a human-in-the-loop architecture where agents draft and propose while humans approve money movement.
Differentiator
Problem solved
Functional benefit
Brands
- Zwitch: Banking and payments infrastructure for platforms. APIs for collections, payouts, validation, BBPS-B2B, ONDC and embedded financial workflows.
- BankingStack
Products and services
- Open Money AI-native Corporate Internet Banking platform for finance teams, connecting 40+ Indian banks into one workspace where agents reconcile, forecast, chase, draft and prepare workflows and humans approve all money movement. Includes modular products for multi-bank connectivity, smart statement tagging, smart ledger, treasury, spend management, payments, receivables, payables, GST compliance and escrow.
- Zwitch Banking and payments infrastructure APIs for platforms and marketplaces, enabling embedded financial workflows including collections, payouts, beneficiary validation, BBPS-B2B and ONDC transactions. Sold to platforms that want to embed financial services into their products.
- BankingStack White-label digital banking platform for banks, providing SME internet banking, business banking and corporate banking experiences that banks deploy for their own customers. Powers SME and corporate banking for 3 of India's top-5 private banks.
Quantifiable outcome
- DSO reduced by 17 days average in first 12 months
- +8 more outcomes
Companies that use Open
Customer profileNamed customers7 records
Segments11 records
Ideal customer profiles4 records
Open technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration47 records
AI capability10 records
Feature8 records
Open partnerships and signals
Strategic signalPartnerships
17 partnerships are on record, tiered core and flagship.
- HDFC BankcoreDirect API integration with HDFC for multi-bank connectivity. Support for current accounts, OD accounts, escrow, FD accounts. HDFC hosts trust accounts for escrow corpus.
- ICICI BankcorePrimary banking partner. Open partners with ICICI Bank and 11 others. ICICI is a named backer/investor and banking partner. Direct API integration for SME internet banking deployed by ICICI.
- Axis BankcoreDirect API integration for multi-bank connectivity. Axis hosts escrow trust accounts for marketplace settlements and RERA escrow.
- Kotak Mahindra BankcoreDirect API integration for multi-bank connectivity. Kotak corporate cards supported on spend management platform.
- Yes BankcoreDirect API integration for multi-bank connectivity. Yes Bank FD laddering at 7.4% p.a. referenced in treasury product.
- State Bank of India (SBI)coreDirect API integration for multi-bank connectivity. SBI payroll NEFT referenced. SBI trust accounts for JV milestone payouts and RERA escrow.
- HSBCcoreInternational banking partner. HSBC USD Nostro accounts connected for multi-currency treasury visibility. Cross-border payments supported.
- Standard CharteredcoreInternational banking partner. USD accounts and multi-currency treasury management. Cross-border payment support.
- 40+ Indian BankscoreFull list of 40+ banks connected via direct API: HDFC, ICICI, Axis, Kotak, Yes Bank, SBI, HSBC, Standard Chartered and others. Complete multi-bank connectivity platform.
- TallycoreBidirectional ERP sync with Tally Prime. Open reads from and writes to Tally. Smart Ledger syncs with Tally. Tally Prime integration for mid-market and enterprise customers.
- Zoho BookscoreBidirectional ERP sync with Zoho Books. Smart Ledger integrates with Zoho for accounting automation. Zoho Books integration for mid-market customers.
- Oracle NetSuitecoreBidirectional ERP sync with Oracle NetSuite. Smart Ledger writes back to NetSuite. ERP integration for enterprise customers. Listed in About page.
- SAPcoreSAP S/4 and Oracle Fusion integration for enterprise. Manufacturing group deployments (Rs 420 Cr revenue) use SAP + Tally. Enterprise deployment mentions SAP S/4 as ERP integration.
- StripecoreStripe recognized as source tagger in Smart Statement. Stripe payout reconciliation, 8,412 transactions matched daily. Stripe Billing for SaaS ARR tracking. Payment gateway integration.
- RazorpaycoreRazorpay X (payroll), Razorpay payment gateway recognized as source tagger. Multi-acquirer POS reconciliation. Razorpay recognized at transaction landing.
- DarwinboxcoreHRMS integration for payroll reconciliation. Darwinbox payroll batch matched via NEFT. 412 employees in Darwinbox payroll integration shown.
- Visa Accelerator ProgramflagshipOpen selected for Visa Accelerator Program (2023 cohort) focusing on Web 3.0, global money movement, embedded finance, merchant and small business enablers, and open banking. Facilitated 9 commercial deals in Asia Pacific.
Scale indicators16 records
Recent moves4 records
Expansion highlights6 records
Open competitors and assessment
Company assessmentDirect peers
- Plaid: Plaid is the leading US open banking and financial data aggregation platform, connecting consumer and business bank accounts via APIs — the closest direct comparator to Open's 40+ bank connectivity and account aggregation stack.
- TrueLayer: TrueLayer is a European open banking API platform for account aggregation, payments initiation and financial data — directly comparable to Open's bank-connectivity and A2A payment initiation capabilities, though serving UK/EU rather than Indian banks.
- Yodlee (Envestnet): Yodlee is a long-established financial data aggregation platform powering bank account connectivity for fintechs and banks — directly comparable to Open's core multi-bank connectivity and Smart Statement transaction-tagging layer.
- Setu: Setu (part of Pine Labs) provides India-focused open banking, account aggregation and embedded finance APIs serving platforms and enterprises — directly comparable to Open's Zwitch and BankingStack offerings within the same Indian regulatory perimeter.
- M2P Fintech: M2P Fintech is an Indian banking and payments infrastructure provider offering API-driven core banking, lending and issuance rails to banks and fintechs — overlapping with Open's BankingStack white-label proposition and embedded finance infrastructure.
- Tink (Visa): Tink is a European open banking platform owned by Visa, providing account aggregation and payment initiation APIs across European banks — a close comparable to Open's open banking infrastructure, with Visa as a common strategic investor.
Broad incumbents
- Razorpay: Razorpay is India's largest payments aggregator with a broader fintech suite spanning payment gateway, neo-banking (RazorpayX), and lending — competing with Open across payments, business banking and ERP-integrated finance workflows for Indian SMEs and enterprises.
- Brex: Brex is a global corporate card and spend management platform with bill pay, treasury and accounting automation — overlapping with Open's spend management, payments and treasury modules for enterprise finance teams, though operating primarily in the US rather than India.
- Ramp: Ramp is a US-focused corporate card and spend management platform with built-in accounts payable, vendor management and AI-powered receipt capture — comparable to Open's spend management and payables modules though serving US rather than Indian enterprises.
- Cashfree Payments: Cashfree is an Indian RBI-licensed payment aggregator offering payouts, collections, and banking APIs to businesses — overlapping with Open's payment aggregator services and multi-bank connectivity for Indian enterprises.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights7 records
Customer concentration
Open social profiles
Digital presenceOpen compliance and trust
Trust signalCompliance7 records
Open financial estimates
Financial estimateRevenue estimate
Valuation estimate
Open leadership team
Management profileNumber of profiles
Profiles4 records
Open subsidiaries and ownership
Company hierarchySubsidiaries2 records
Open funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Open M&A and investment
M&A and investmentM&A
Investments1 record
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Open
What does Open do?
Open is an AI-native Corporate Internet Banking platform that connects a business's existing bank accounts across 40+ Indian banks into a single workspace. Pre-built AI agents reconcile transactions, forecast cash, chase receivables, draft payables, manage treasury and prepare compliance filings, while humans retain approval over every rupee moved. The platform is sold under three sub-brands: Open Money (for businesses), Zwitch (embedded finance APIs for platforms) and BankingStack (white-label digital banking for banks).
Is Open a public or private company?
Open is a private company. It is classified as venture growth investor backed and is currently operating.
When was Open founded?
Open was founded in 2017. It employs 251 to 500 people.
Where is Open based?
Open is headquartered in Bangalore, India, in the Asia region.
How does Open make money?
Four revenue lines are on record. Subscription SaaS (Multi-tier) is the primary driver. The others are payment Aggregator Services, compliance Services and bankingStack (White-label).
Who are Open's main competitors?
Direct peers on record are Plaid, TrueLayer, Yodlee (Envestnet), Setu, M2P Fintech and Tink (Visa). Broad incumbents are Razorpay, Brex, Ramp and Cashfree Payments.
Does Open have an API?
Yes. Open offers APIs for collections, payouts, validation, BBPS-B2B, ONDC and embedded financial workflows. The platform exposes APIs for custom workflows and integrations. Custom ERP/API integrations are available under Enterprise plans.
What industry is Open in?
Open's product category is Corporate Banking Software. Its primary akta.pro industry code is BPAMAFAJ, Open Banking, Account Aggregation & Payment Initiation APIs, with a secondary code of FSAMAFAA, Open Banking APIs & Connectivity. Its SIC code is 7372.