Open, the India-based neo-banking startup, is all geared up for its Middle East launch.
It’s indeed a positive development for the region’s up-and-coming businesses as Open’s innovative financial solutions are exclusively focused on startups and SMEs.
Worth noting here is that Open is Asia’s first-of-its-kind neo-bank. It is a fully digital bank that engages customers only through online platforms such as mobile apps. The startup has no customer-centric physical infrastructure, unlike traditional banks that primarily rely on their regional and localized branches.
Even more interestingly, Open currently enjoys the distinction of being the fastest growing SME neo-bank in the world.
The startup’s clientele currently comprises more than 30,000 businesses from all around the world. That number is expected to further grow considering that its next destination, the Middle East, is home to about 17 million or SMEs or more, a significant chunk of which is becoming increasingly reliant on online services.
“While the growth of SMEs in the Middle East looks promising, we aim to solve some of their key problems by offering them a one-stop solution to manage their business finances effectively rather than using multiple tools. The launch of other products like the Open card will also help businesses automate their finances,” said Anish Achuthan, Co-Founder and CEO of Open.
As of today, Open offers a payment platform and APIs which businesses can use to integrate banking into workflows. If all goes as per plan, the company will soon start issuing its own cards.