Neobank Open acquires Optobizz in $5 million stock-plus-cash deal

Neobanking platform Open has acquired Optobizz, a goods and services tax and financial automation startup, for $5 million in a stock-plus-cash deal.

Open caters to over one million small and medium enterprises (SMEs) and processes $24 billion in transactions annually. The acquisition will add 800,000 SMEs to its user base, as well as 35 employees of Optobizz. Open will be setting up a development centre in Hyderabad.