Open, a neobanking platform, has acquired Optobizz, a GST and financial automation start-up, for $5 million.
The acquisition, which is part cash and part stock, would help Open strengthen its leadership in the SME neobanking space and enhance its product capabilities on automating GST and tax compliance, it said in a statement.
Open currently aids more than 10,00,000 SMEs and start-ups in automating and running their finances and this buyout would increase its customer base to 18 lakh, as per the company.
Optobizz’ automation platform has account receivable and account payable features and comes with integrated GST filing and reconciliation for tax practitioners and SMEs.
Open was also in the process of readying another neobanking platform aimed at tax practitioners and accountants in India, it said.
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