Axis Bank partners with OPEN to launch a fully digital current account proposition for businesses

• Customers can avail banking services from Axis Bank, along with OPEN’s financial automation features
• Authentication process will be completely digital using PAN and Aadhaar followed by a Video KYC
• Customers can avail 250+ banking services and claim up to 50% cashback through grab-deals

Axis Bank, India’s third largest private sector bank has partnered with the world’s fastest-growing digital banking enterprise, OPEN, to provide a fully native digital current account journey for its customers including SMEs, freelancers, homepreneurs, influencers and more. This partnership offers the larger business community access to Axis Bank’s holistic banking experience coupled with OPEN’s end-to-end financial automation tools for business management including payments, accounting, payroll, compliance, expense management and several other services.

This is Axis Bank’s first-ever partnership with a fintech player to launch a fully digital current account. The product is live on OPEN’s website (www.open.money).

This digital current account product will help customers save a significant amount of time and effort, as the authentication process will be completely digital using PAN and Aadhaar followed by a Video KYC. The comfort of a contactless account opening process that takes away the hassle of paperwork with a zero document upload feature, makes this current account product significantly different from others in the market. Using this account, customers can avail 250+ banking services and claim up to 50% cashback through grab-deals. With this partnership, all existing Axis bank accountholders also get access to OPEN’s all-in-one digital banking platform that is used by over 30 lakh businesses currently.

Commenting on this partnership, Sameer Shetty, President & Head – Digital Business & Transformation, Axis Bank, said, “At Axis Bank, we believe in putting the customer at the centre of all our endeavours, while also generating shared value for all stakeholders in the ecosystem. We have been continuously working on innovation-led partnership models to offer digital banking solutions to customers. In this effort, we are delighted to have partnered with OPEN to offer a one stop banking solution for businesses.”

Speaking about this partnership, OPEN’S Co-founder & CEO, Anish Achuthan, said, “We are really excited to be the first fintech to partner with Axis Bank to launch a fully native digital current account journey for customers. Business banking is opening up to newer and niche segments like homepreneurs, influencers etc. and we look forward to creating tailored products for them in partnership with Axis Bank. We will further work on integrating value-add services like term loans, revenue-based financing and more for these users.”

About Axis Bank:   

Axis Bank is the third largest private sector bank in India. Axis Bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses. With its 4,760 domestic branches (including extension counters) and 16,043 ATMs across the country as on 30th September 2022, the network of Axis Bank spreads across 2,676 cities and towns, enabling the Bank to reach out to a large cross-section of customers with an array of products and services. The Axis Group includes Axis Mutual Fund, Axis Securities Ltd., Axis Finance, Axis Trustee, Axis Capital, A.TReDS Ltd., Freecharge and Axis Bank Foundation.

About OPEN:

Founded in 2017, Open Financial Technologies Pvt Ltd (www.open.inc) is a digital banking fintech enterprise that runs SME neo-banking platform Open Money, embedded finance platform- Zwitch and enterprise digital banking platform for banks- BankingStack.

Open Money (www.open.money) is a neobanking platform for SMEs, startups and freelancers to manage everything from banking to automated accounting, bookkeeping, expense management,compliance and payroll in one single platform. Open Money powers more than 3 million SMEs and processes over USD 30 billion in annualized transactions. The platform also adds over 100,000 SMEs every month, making it the fastest-growing SME neobanking platform globally.Zwitch (www.zwitch.io) is Asia’s first end-to-end embedded finance platform Zwitch that enables fintech and non-fintech companies to launch digital banking services. BankingStack (www.bankingstack.com) is a modern cloud-native fintech OS for financial institutions to launch innovative digital banking solutions.

In May 2022, Open raised its Series D round and became the 100th Unicorn from India. Open is backed by leading global investors like IIFL Finance, Temasek, Google, Visa, Tiger Global, Beenext, Recruit Strategic Partners, 3one4 Capital, Speedinvest, Tanglin Venture Partner Advisors, Angellist, Unicorn India Ventures, to name a few and has raised over USD 190 million in funding to date.