Open Unicorn

A digital current account in partnership with banks that offers all the features of a traditional bank account with integrated tools to automate finances for small businesses, combined with an AI-based accounting engine that automates bookkeeping and expense management.

Connect existing bank accounts across 40+ banks into one AI-native workspace where agents reconcile, forecast, chase and prepare, and humans approve every rupee.

Zwitch offers a no-code, low-code and full-stack API solution built on 300+ APIs that lets fintechs build their own financial products, reducing go-to-market timelines.

Open offers banking, payments, and accounting solutions to small and medium businesses.

Open's business account and APIs are used by freelancers, startups, developers, etc.

Open Money serves enterprises with multi-entity, audit-grade requirements and mid-market, growth-stage CFOs, alongside founder-led startup finance teams.

Through BankingStack, Open helps banks launch and manage modern digital banking experiences for SMEs, enterprises and corporate customers.

Businesses sign up directly for a digital current account and connected banking workspace via Open's own platform.

Zwitch enables businesses, platforms and developers to launch payment and banking experiences using modern APIs and infrastructure, distributing Open's banking stack through third-party developers.

BankingStack helps banks launch and manage modern digital banking experiences for SMEs, enterprises and corporate customers, i.e. Open sells its banking software directly to banks.

Open is primarily engaged in developing digital business payment solutions that provide businesses with a fully digital current account and a host of other integrated business-enabling tools in relation to finance, accounting, and credit, each in partnership with banking and lending partners.

Zwitch takes care of the banking partnerships, compliance and technology through its network of 14+ partner banks in India, on behalf of the businesses building on top of it.

In 2022, Open got approval for a payment aggregator license from the Reserve Bank of India.

Banking companies like Yes Bank, ICICI Bank, Kotak Mahindra Bank, Axis Bank, Smart Banking by SBM Bank, etc are partners of Open, underpinning its digital current account offering.

SBM Bank India partnered with Open to launch its embedded finance platform Zwitch.

Zwitch takes care of the banking partnerships, compliance and technology through its network of 14+ partner banks in India.

Subscription sales through the company's software were one of two main revenue streams.

Commission earned from customer transactions was the other main revenue stream.

Interest on deposits and current investments contributed materially to overall revenue in recent fiscal years (e.g. Rs 12.1 Cr in FY25, Rs 21.3 Cr in FY24, Rs 23 Cr in FY23).

Employee benefits form the largest expense line, at roughly 60% of overall expenses in FY24 and 62.5% of total burn in FY25 (including ESOP costs of Rs 37 Cr in FY24).

Spends on IT and payment gateway were another major cost, at Rs 25.34 crore in FY24 (down 13.2% year on year).

Advertising and promotion spend was Rs 8.85 crore in FY24, down 84.7% from Rs 57.67 crore in FY23.