Credit and Finance for MSMEs: Private lender, Axis Bank announced joining hands with the digital banking fintech company, OPEN on Thursday to launch a digital current account for its customers including SMEs, freelancers, homepreneurs, influencers and others.
The current account holders will get access to Axis bank’s over 250 banking services along with OPEN’s financial automation tools for business management including payments, accounting, payroll, compliance, expense management and other such services.
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“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.
The authentication process of the digital current account will be completely online using PAN (permanent account number) and Aadhaar followed by a Video KYC (know your customer), said the company’s statement.
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.”
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Axis Bank has around 4,760 domestic branches across the country and it offers services to large and mid-Corporates, SME, agriculture and retail businesses.
Founded in 2017, Open Financial Technologies operates SME neo-banking platform Open Money, embedded finance platform, Zwitch and enterprise digital banking platform for banks, BankingStack. Over 30 lakh businesses currently use its digital banking platform. The 100th Unicorn from India, Open is backed by leading global investors like IIFL Finance, Temasek, Google, Visa, Tiger Global, amongst others.