Bangalore: Neobanking platform Open on Friday announced the acquisition of Optobizz, India’s leading GST and financial automation startup for $5 million.
This will raise Open’s customer base from 10,00,000 to 18,00,000 SMEs. Hyderabad based Optobizz platform offers an end to end GST and financial automation platform that comes with an end to Account Receivable & Account Payable platform with integrated GST filing and reconciliation for tax practitioners and SMEs.
The acquisition, which is part cash and part stock, will help Open cement it's leadership in the SME neo-banking space and enhance its product capabilities on automating GST and Tax compliance. Further Open is also getting ready to launch a neo-banking platform targeted towards the 1 million tax practitioners and accountants in India. The platform will enable accountants to offer a branded business banking services with integrated Tax & accounting service to their clients and comes integrated with tools to manage their practise. As a part of the acquisition the entire team of Optobizz will join Open and Open will be setting up a development centre in Hyderabad.
Open already offers a neo-banking platform that helps over 10,00,000 SMEs and startups to automate and run their finances effectively. Open has all the tools that helps businesses send and receive payments, automate their accounting, expense management, combined with developer-friendly APIs that help SMEs integrate banking into their business workflows. Open also recently launched the TDS payment feature on the platform allowing small businesses to pay their taxes through the platform. This also allows merchants to manage all their tax payments in one place with 24*7 access to the payment challan and payment history. Addition of TDS payments and GST return filing to the array of products on the platform enables small businesses to manage all their business finances seamlessly in one place.