Rebooting The Concept Of Banking

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Rebooting The Concept Of Banking
Sampurna Majumder - 10 March 2020

Mabel is a fintech innovator and a serial entrepreneur who believes that the way SMEs work is going to change forever in a few years. She is the co-founder of the neobanking platform Open that offers a business-banking platform to SMEs and startups.  

Open is Asia’s first SME focussed neobanking platform that helps automate their business payments, banking and accounting functions in one unified service to help business owners focus on their core business.   

She co-founded her first start-up CashNxt in 2007, which was a plug n’ play mobile payment and financial inclusion solution meant specifically for semi-urban and rural markets. A Latin American company later acquired CashNxt. She moved on to build Neartivity Wireless, an NFC based payment processing platform in 2009. In 2013, she co-founded Zwitch, India’s first developer focused payment platform, which was later acquired by Citrus Payments in 2015.  

While leading the marketing at CitrusPay, Mabel got to interact with a lot of entrepreneurs and SME business owners. What came out from these interactions was that business owners struggled to keep track of their expenses and used multiple tools and bank accounts to manage their business finances. This led to the making of Open. 

Mabel has also been the recipient for numerous awards, which includes ‘Startup Leader of the Year’ Award from the Ministry of Electronics & Information Technology, Govt of India, ‘Disruptor of the Year’ at DLAI Women in Fintech award ceremony, ‘Woman Leader in Fintech’ Award at India Fintech Awards 2019. She has also been recognised as one of the ‘Top 20 women in the fintech industry’ in India at Fintegrate 2019 and as one of the ‘Wonder Women in Fintech in India’ by Medici.

Open, Asia’s first neobanking platform for SMEs and startups, was founded by fintech serial entrepreneurs Mabel Chacko with husband Anish Achuthan along with Ajeesh Achuthan and Deena Jacob in 2017. The company was founded to solve a series of challenges faced by SMEs and startups when it comes to managing their business finances. It is the largest growing SME-focused neobanking platform globally.

Open offers a business account in partnership with banks that helps SMEs automate and run their finances effectively. The platform enables businesses to collect payments, do seamless payouts, auto-reconcile and categorise income and expense, thereby automating book-keeping. It also offers APIs to integrate banking into business workflows.

Currently, Open is serving more than 300,000+ SMEs and processing $8 billion in transactions annually. The platform onboards 35,000 new SMEs and startups every month.

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