Open, an India-based enterprise banking software developer backed by human resources firm Recruit Holdings, has secured $30m in a series B round led by Tiger Global Management, the Economic Times has reported.
Tanglin Venture Partners Advisors, 3one4 Capital, Speedinvest, and Better Capital’s AngelList Syndicate also took part in the round, which boosted the company’s overall funding to more than $37m.
Founded in 2016, Open helps small and medium-sized enterprises to set up business current accounts powered by financial services partner Icici Bank.
Users can issue compliant invoices, collect payments, categorise income and expenses, reconcile payments, automate accounting reports and pay money out through the accounts.
The series B funding will be used to launch new products and services. Open recently launched a business credit card and a programmable bank account for developers.
Open received $5m in a February 2019 series A round featuring Beenext, Speedinvest, 3one4 Capital, Unicorn India Ventures and AngelList Syndicate.
Recruit and Unicorn India had co-led a $2m round for the company in May 2018, adding to the $250,000 it had raised from Amrish Rau and Jitendra Gupta, the respective CEO and managing director of payment technology provider PayU India, in 2017.