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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