OPEN has launched the service in partnership with NPCI Bharat BillPay Limited
The announcement came hours after the RBI governor announced expansion of Bharat BillPay services to cater to business enablement platforms
OPEN said that businesses can use the facility to generate invoices for their clients through their accounting software, bank, or ERP systems for instant payment and reconciliation
Inc42 Daily Brief
Stay Ahead With Daily News & Analysis on India’s Tech & Startup Economy
Fintech unicorn OPEN has launched Bharat Billpay for Business in partnership with National Payments Corporation of India (NPCI) Bharat BillPay Limited (NBBL).
In a statement, the startup said that OPEN is among the first few Indian fintechs to offer Bharat Billpay for Business with the launch.
The development came hours after RBI governor Shaktikanta Das announced, at the Global Fintech Festival (GFF) on Wednesday (August 28), expansion of Bharat BillPay (BBPS) services to cater to business enablement platforms, streamlining B2B payments and collections.
Bharat BillPay for Business aims to standardise, simplify and automate various invoice payment processes for day-to-day business operations irrespective of the size of the business, the NPCI said in a statement.
Speaking on OPEN’s partnership with NPCI, Anish Achuthan, cofounder and CEO of the startup, said, “This collaboration represents a significant step towards simplifying financial operations for businesses by seamlessly integrating invoicing, payments, and financial automation.”
Founded in 2017 by Anish Achuthan, Ajeesh Achuthan, Deena Jacob, and Mabel Chacko, OPEN offers business banking, payments and expense management solutions to small and medium businesses (SMBs) across the country.
OPEN said in its statement that over 40 Lakh businesses who use Open Money can now effortlessly generate invoices that are instantly available to their clients through their accounting software, bank, or ERP systems for instant payment and reconciliation.
Similarly, when businesses receive bills from vendors or suppliers via Bharat Billpay for Business, the bills are automatically displayed in the payable section, eliminating the need to download them from emails or manually enter the bill details.
Backed by the likes of IIFL Finance, Temasek, Google, Visa, Tiger Global, Beenext, Recruit Strategic Partners, and 3one4 Capital, among others, OPEN has so far raised over $190 Mn.
OPEN’s net loss fell 3% to INR 242.2 Cr in FY23 from INR 249.3 Cr in the previous fiscal year. Operating revenue grew to INR 29.9 Cr from INR 24.1 Cr in FY22.
Note: We at Inc42 take our ethics very seriously. More information about it can be found here.