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Founded in 2017, OPEN is a business payments platform that empowers SMEs, startups and freelancers to manage everything from accounts payables, accounts receivables, to auto-reconciliation, accounting, expense management, compliance and payroll in one single platform. Today the platform powers more than 40 lakh SMEs and processes over USD 30 billion in annualized transactions. The platform also adds over 100,000 SMEs every month, making it the fastest-growing platform in this space globally. In May 2022, OPEN raised its Series D round and became the 100th Unicorn from India. OPEN is backed by leading global investors like IIFL Finance, Temasek, Google, Visa, Tiger Global, Beenext, Recruit Strategic Partners, 3one4 Capital, Speedinvest, Tanglin Venture Partner Advisors, Angellist, Unicorn India Ventures, to name a few and has raised over USD190 million in funding to date.
Provider
Open Financial Technologies
Located In
India
Open API
Yes
Deployment
Cloud, SaaS, Web-Based, On-Premise Windows, On-Premise Linux
Mobile Apps
iOS, Android
Training
Live Online, Documentation, In Person, Videos
Support
24/7 (Live rep), Phone Support, Knowledge Base, FAQs/Forum, Email/Help Desk
Small and Medium Enterprises, Startups and Freelancers
Content Source: Open
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Open Reviews
Pros
Ease of doing and user friendly for the Day to day activities. A complete comprehensive package to all the business transactions at a glance and have dashboard at the month end.
We are managing our finances all with Open money and we are really very impressed with their service. They are always there for any help.
Open.money is one of the best business banking platform. I liked that they provided all the necessary tools like invoicing and accounting and bunch of other tools.
Mostly I liked the cards feature that are very useful for transacting online rather than using our personal cards. They have been very supportive in understanding the use of platform.
Cons
Android Version And Support Team Is Very Poor.
I want to be able to pay my employees whenever I want. Right now, it only allows me to pay them once a month.
Sometimes some transactions get failed and deducted from open but they are reversed back in 1-3 days.
No customer support on weekends. Failed payment reversals take eternity.
"Great platform with amazing functionality!"
Overall: The reason behind working with Open was pretty simple. It provided us with a feature to access our funds in our bank account in ways other than the conventional methods like Bank Transfer, NEFT, or RTGS.
Pros: Open Money made it extremely easy for us to manage our foreign transactions related to online portals like Shopify, G Suites, etc. The interface is pretty convenient and the ability to create different expense cards based on the expense category really helps in managing and tracking all the marketing expenses.
Cons: The integration process did have some glitches at first but nothing major that cannot be solved with some tweaking. Rest everything was pretty seamless.
"Still a lot to do."
Overall: It has eased some of the issues that I faced with banking but has a lot of room to improve.
Pros: It is a cloud based platform, so there is no worry about losing the data. (The previous app I used, had a sync issue and had to redo six months of accounts again.) I went for it for two reasons: 1. The annual package was attractive with a business credit card and access to a website building platform. 2. It has many automations related to payments so I do not have to reconcile records manually (in most cases). With a majority of my customers preferring digital payments, multiple modes of payments facilitate timely receipts of payments which are a most for a small business. The data can be imported to Tally which my CA loves the most. You can even allow access solely for accounting purpose.
Cons: 1. They need to design the platform to suit a businessperson's needs (to whom they are trying to sell it). 2. Often on weekends, NEFT mode of payment has issues which get sorted only on Monday mornings. No customer support on weekends. Failed payment reversals take eternity. 3. PAIN to use on a mobile phone. Cannot import contacts. UI on mobile feels like a website adjusting full version to mobile. 4. Customer care often has text book replies. They are improving but are a still a long way from being user friendly.
"Open office app"
Overall: My experience in this product very good very useful products
Pros: In open office app more thing good but it's graphics tools very useful
Cons: More thing in software that's I like graphics tool and other things
"Best way to sort our business account reconciliation"
Overall: Overall a positive experience. My biggest challenge was not having all my accounts in one place. With Open I don't have to juggle between multiple softwares and above all, for a startup the best part is I get to experience all features free of cost.
Pros: I love that it's an all in one software. I can create professional invoices for free and my clients can directly pay with a link via card or netbanking or UPI. So the choice of payment is at the users discretion but for me, all my business payments come in one place and the status of the payment gives me clarity without having to keep checking my bank statement at all times. So big bonus for account reconciliation which for small businesses is a headache!
Cons: Unable to categorize virtual cards. I have to keep an offline record of which virtual card is for which purpose, like - marketing, food, etc.
"Best software for open banking for startup "
Overall: Open Bank has helped me and my business greatly. Earlier I would have to make transactions from individual banks’ websites and bother myself with the slow processing time, transaction restrictions, adding beneficiaries at a slow rate, etc. Open Banking puts all of that in one place and makes the transactions way smoother and more convenient. The UI/UX is great and very appealing.
Pros: It allows me to make bulk payments and review transactions and balances of all the banks I have accounts in, in one single place. As I manage multiple accounts of my own, Open Banking makes it easy for me to also view their accounts and make transactions from a single page without having to log in and out in ten different places and bother myself with the account details and passwords every time. It also has an extremely convenient system for filing TDS and GST. Some things now I can save my business hours on. They also offer expense cards that can be used with virtual accounts that they provide to reduce the risk factor involved with it. They have connected Tally software with their systems and automated the entries made into the system so I don’t have to enter it every time I make a transaction. The one thing that tops all of this is the Founder Card that they have provided me with which can be used as both credit and debit card. Wherein I could use the money in my account, but I also get a credit limit for my expenses.
Cons: I need one feature where we can use the same account but with multiple users.
Vendor Response
