Fintech startup Open has partnered with Visa to launch a business credit card enabling SMEs in Asia to manage expenses and payouts.
The ‘Founders Card’ will come integrated with tools like expense management and subscription management. Open’s aim is to help business owners and finance teams manage subscriptions and expenses more efficiently.
Anish Achuthan, Co-founder and CEO of Open, said: “SMEs and startups are growing at a tremendous pace in Southeast Asia. We’ve announced this at a time when it is the hour of need for businesses who depend a lot on online tools that accept only credit cards.
“We’re 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, United States and the Middle East in the coming months.”
Open was founded in 2017 with the goal of solving business banking challenges through its business banking platform. The platform has grown to over 200,000 SMEs, processing over $6.5bn in transactions.
In addition, the fintech on average adds over 35,000 SMEs every month, making it the fastest growing SME business banking platform globally.
T.R. Ramachandran, Group Country Manager India and South Asia, Visa, said: “Visa is delighted to partner with Open and introduce the exciting Founders Card that will give SMEs and startups the power to manage their finances effectively.
“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.”
This comes as Wirex partnered with Visa to launch a multi-currency travel card available to customers across the Asia Pacific (APAC) region.