Latest News | Neo-banking Player Open Acquires Tax Platform Optobizz for USD 5 Mn

Mumbai, Feb 18 (PTI) Neo-banking player Open on Thursday said it has acquired tax filing platform Optobizz for USD 5 million in a part cash, part stock deal.

In a statement, Open said the Hyderabad-based Optobizz is the country's largest GST filing platform which caters to 30,000 tax practitioners and 8 lakh small businesses.

After the acquisition, Open's customer base will go up to 18 lakh small businesses from the present 10 lakh, it said.

The deal will help Open cement its leadership in the SME neo-banking space and enhance its product capabilities on automating GST and tax compliance, it said.

The company said it is also getting ready to launch a neo-banking platform targeted towards the 1 million tax practitioners and accountants in India.

"With close to 15 years of experience at product tech companies on the business finance side, their expertise will help us create more innovative solutions for small businesses across the country," Open Financial Technologies' co-founder and chief executive Anish Achuthan said.

Optobizz's chief executive Satyaprakash Buddhavarapu said being a part of Open will accelerate its vision to digitally transform business banking and make it a more meaningful experience with more value added features for not just SMEs but also tax practitioners.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)