Open – a Neobanking platform has acquired Optobizz, for $5 million in a stock-plus-cash deal.
The neobanking firm is looking to set up a development centre in Hyderabad.
Anish Achuthan – Co-founder and CEO of Open Financial Technologies Pvt. Ltd, said, ‘The acquisition would help Open strengthen its product capabilities and offer innovative solutions for small businesses.”
He further added, “Addition of tax filing to our platform will enable our merchants to not just manage banking, payments, and automated accounting seamlessly but will also solve the major hassle of tax filing.”
“The company started monetizing 3-4 months ago and has reached a $3 million Annual Revenue Rate,” Achuthan said. The company is hiring around 50,000 businesses per month and aiming 5 million paid subscribers by the end of 2021.
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.