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Open partners with Visa to launch credit card for startups, SMEs

BENGALURU: Open, which offers a business-banking platform for small enterprises, has announced a partnership with Visa to launch a credit card that will help these entities manage their expenses and vendor payouts better.

‘Founder’s Card’, as it is being named, will come integrated with tools that will aid in expense and subscription management. The card also comes with an exclusive rewards programme.

“SMEs and startups are growing at a tremendous pace in Southeast Asia. It is the need of the hour for businesses that depend a lot on online tools that accept only credit cards,” said Anish Achuthan, chief executive officer, Open. “This partnership is a boost for Open as we look to expand our customer base to other markets in the Asia-Pacific region, United States and the Middle East in the coming months.”Open, founded in 2017, is solving business banking challenges by offering a platform that helps SMEs and startups automate and run their finances effectively.

It helps businesses send and receive payments combined with the automated book-keeping tool to integrate banking into their business workflows.

The platform has over 200,000 SMEs and has processed over $ 6.5 billion in transactions. The platform adds over 35,000 SMEs every month.

“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,” said TR Ramachandran, country manager, India and South Asia, Visa.