SME-focussed neo-banking platform Open on Monday said that it has partnered with Visa, to launch ‘Founders Card’ – a business credit card that will help startups and SMEs manage their expenses and vendor payouts easily. The announcement was made at the Singapore Fintech Festival.
The card will be integrated with tools like expense management and subscription management, that will help business owners and finance teams manage subscriptions and expenses better. The card also comes with an exclusive rewards program designed specifically for startups and small businesses, the company said in a statement.
Anish Achuthan, Co-founder and CEO, Open, said,
“We have announced this at a time when it is the need of the hour for businesses, who depend a lot on online tools that accept only credit cards. We are excited to have Visa in this journey to ease business banking for the ever-increasing SME market. This partnership is a boost for Open, as we look to expand our customer base to other markets in the Asia-Pacific Region, the United States, and the Middle East in the coming months.”
Anish said that the product is very close to his heart. Earlier, the startup thought the problem lied in the credit limit of the credit card. However, while working with Open, Anish realised that it is not just about that. In fact, it is about having only a credit card payment method as many services like LinkedIn, Facebook Ads, and Google Adwords do.
Founded in 2017 by Anish, Mabel Chacko, Ajeesh Achuthan, and Deena Jacob, Open solves business banking challenges faced by SMEs. The platform today has grown to over two lakh SMEs, processing over $6.5 billion in transactions.
TR Ramachandran, Group Country Manager, India and South Asia, Visa, said,
“Visa is delighted to partner with Open and introduce the exciting Founders Card. Visa launched the Fintech Fast Track programme last year in India to support homegrown startups, and we are keen to help young businesses automate payments with our commercial solutions.”