Open acquires tax filing platform Optobizz

Thursday 25 February 2021 12:22 CET | News

Open, a neobanking platform focused on small and medium businesses, has acquired tax filing automation platform Optobizz for USD 5 million.

Optobizz says its platform offers end-to-end GST and financial automation solutions including account receivables and payables, as well as reconciliation for tax practitioners and SMEs.

The deal is being done through cash and stock.

The move will help Open strengthen its position in the SME-focused neobanking space and enhance product capabilities on automating GST and tax compliance. The company says it is also gearing up to launch a platform focused on tax practitioners and accountants.

India-based Open, operated by Open Financial Technologies, was set up in 2017 by Achuthan, Mabel Chacko, and ex-TaxiForSure CFO Deena Jacob. Achuthan and Chacko have worked on and set up several fintech startups previously, the most notable among them being Zwitch, which was acquired by CitrusPay in 2015.

The company says its platform helps businesses send and receive payments, automate accounting and expenses, and uses application programming interface (API) tools to help integrate banking processes with SME business workflows.

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Keywords: fintech, SMEs, digital payments
Categories: Banking & Fintech | Online & Mobile Banking
Countries: India
This article is part of category

Banking & Fintech