Fintech startup Open raises $5 million from Beenext, Speedinvest and 3one4 Capital

Bangalore-based fintech startup Open has raised a Series A fund round of $5 million. The key investors in this round are Beenext, Speedinvest and 3one4 Capital. The basic business model that Open follows comprises a digital neo-banking service for SMEs. In this, the startup helps their SME clients establish a bank account which is then turned into the operational toll to manage the finances for the SME. The package offered by Open even includes the bookkeeping part. The client will have to ensure that all the inflows and outflows in the business are routed through this account.