Fintech start-up OPEN which offers an all-in-one finance platform for SMEs to automate their finances has announced the successful receipt of the Payment Aggregator/Payment Gateway (PA/PG) license from the Reserve Bank of India.   

The fintech, on November 14, 2022, received in-principle approval from RBI for a PA/PG license. It added in its statement that the company is working on completing the application process with the System Audit Report and CA certificate as part of the process laid down by the regulator. 

Open's platform enables users to manage various financial aspects, including banking, automated accounting, bookkeeping, expense management, compliance, and payroll. The fintech claims that it facilitates over 40 lakh SMEs. 

Speaking on this, OPEN’s co-founder and CEO, Anish Achuthan said, "This approval not only acknowledges our dedication to regulatory standards but also signifies a significant leap in fortifying our commitment to SMEs. The enhanced capabilities will bolster our financial automation platforms, providing SMEs with advanced tools to streamline their financial operations and thrive in the digital era."   

In May 2022, Open, a neo-banking platform founded in 2017, achieved unicorn status as it successfully closed its Series D funding round. The Series D round was supported by global investors such as IIFL Finance, Temasek, Google, Visa, Tiger Global, Beenext, Recruit Strategic Partners, and 3one4 Capital, contributing to a total funding of over $190 million to date.