Neobanking platform Open acquires tax filing platform Optobizz for $5 mn
Open, a neo-banking platform for SMEs, lately announced the acquisition of Optobizz — a goods and services tax and financial automation startup for $5 mn. Open caters to over 10,00,000 SMEs and processes $24 bn in transactions annually. The acquisition will add 800,000 SMEs to its user base. Open will be setting up a development centre in Hyderabad, the company stated.
Commenting on the acquisition, Anish Achuthan, Co-founder and CEO, Open Financial Technologies Pvt. Ltd said, “Adding the Optobizz team to the Open family has really strengthened our team. With close to 15 years of experience at product tech companies on the business finance side, their expertise will help us create more innovative solutions for small businesses across the country. Addition of tax filing to our platform will enable our merchants to not just manage banking, payments and automated accounting seamlessly but will also solve the major hassle of tax filing.”