A digital current account for businesses is being introduced by Axis Bank and fintech firm OPEN

• ByStartupStory     |    January 6, 2023

On Thursday, private lender Axis Bank announced a partnership with digital banking fintech firm OPEN to introduce a digital current account for its clientele, which includes SMEs, independent contractors, home-based business owners, influencers, and others.

In addition to OPEN’s financial automation solutions for business administration, including payments, accounting, payroll, compliance, cost management, and other services, current account users will have access to Axis Bank’s more than 250 banking services.

“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,” said Anish Achuthan, co-founder and chief executive officer, OPEN. 

According to the company’s statement, the permanent account number (PAN) and Aadhaar will be used in the digital current account identification procedure, along with a video KYC (know your customer) process.

Speaking about the partnership, Sameer Shetty, President and Head, Digital Business and Transformation, Axis Bank, said, “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.”

Axis Bank provides services to large and mid-sized corporations, SMEs, agricultural, and retail enterprises through its approximately 4,760 domestic branches across the nation.

Open Financial Technologies was established in 2017 and runs the SME neo-banking platform Open Money, the embedded finance platform Zwitch, and the corporate digital banking platform for banks called BankingStack. Over 30 lakh businesses now use its digital banking platform. Open, the country’s 100th unicorn, is supported by top international investors like IIFL Finance, Temasek, Google, Visa, and Tiger Global, among others.

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