Bangalore-based neobank Open has launched a no-code embedded finance platform called Zwitch, according to a report by FinTech Futures.
Zwitch handles the banking partnerships, compliance and technology through its network of partner banks in India. Open said that the platform will allow companies to launch innovative FinTech services using a drag and drop interface.
Open reportedly said that Zwitch, which has been in beta for the past 6 months, has already helped 10 start-ups embed financial services, the latest being Indian InsurTech Fedo.
Launched in May 2017, Open caters to the needs of small and medium-sized enterprises (SMEs). The Open business account comes with a VISA business card that combines banking, payments, accounting, expense management and taxes, in one place. In September 2021, the company reported that it powers 2 million SMEs, and processes over $24bn in annual transactions.
The neobank raised $100m in Series C funding in October 2021. The round was led by Temasek, Google, SBI Investments (Japan), 3One4 Capital and Tiger Global Management.
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