Open’s loss up by 155% in FY22 on new product launches
- ByStartupStory | December 15, 2022
The fintech startup Open saw its losses rise by 155% to ₹167.6 crore in the last fiscal year from a loss of ₹65.6 crore in FY21, due to higher spending on new products as it added more revenue streams to its neobanking platform.
The Temasek-backed unicorn is aiming to turn profitable by FY25. “With the current revenue growth we achieved for Open Money and securing high-ticket sized contracts for our new divisions, Zwitch and Bankingstack, and our lending products scaling up well, Open aims to attain net profitability in 18-20 months,”said the cofounder and chief financial officer Deena Jacob.
Open’s operating revenue increased more than ₹ 40.9 crore in FY22, against ₹5.7 crore in FY21. The monetization of its neobanking platform and launch of new revenue-generating products paved the way for this. Open Financial Technologies Pvt. Ltd was founded in May 2017.OPTOBIZZ SOFTWARE Private Limited, Dinero Innovations Pvt. Ltd are its subsidiaries.
The company was founded by Anish Achuthan, Mabel Chacko, Deena Jacob and Ajeesh Achuthan and later it partnered with top banks in India. Open has offered banking, payments, accounting, compliance and growth services, to small and medium businesses, offered its neobanking platform for free till last year.Also built Asia’s first digital banking platform for SMEs, startups, and freelancers.
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