Open
Open.money is a business banking platform tailored for SMEs and startups to manage payments, automate accounting, and simplify financial operations in one place.
The platform consolidates banking, business payments, invoicing, reconciliation, expense management, and salary payments into a single seamless dashboard. It’s designed to help founders, freelancers, and finance teams save time and enhance accuracy in managing their finances.
Trusted by over 2 million businesses across India, Open.money processes more than $24 billion annually and continues to grow rapidly, adding over 100,000 new business accounts monthly. Its API-based architecture allows companies to integrate Open's payment and accounting software directly into their websites or apps.
Open.money supports near real-time settlements, automated reconciliation, and recurring billing, making it a one-stop solution for digital-first companies. Whether you're managing payables and receivables or handling bulk payouts and tax statements, the platform gives you full visibility into your business finances.
| Characteristic | Details |
|---|---|
| Regions | India |
| Getting started | Business registration |
| Payment methods accepted | Bank transfers, invoicing |
| Fraud & Risk management | Built‑in reconciliation |
| Accepted Currencies | INR |
| Set up type | Business account |
| Onboarding & Approvals time | Days to weeks |
| Recurring Billing | Yes |
| SDK Stacks | API available |
| Settlement time | Near real‑time |
| Payouts support | Supported |
| RegionsIndia | |
| Getting startedBusiness registration | |
| Payment methods acceptedBank transfers, invoicing | |
| Fraud & Risk managementBuilt‑in reconciliation | |
| Accepted CurrenciesINR | |
| Set up typeBusiness account | |
| Onboarding & Approvals timeDays to weeks | |
| Recurring BillingYes | |
| SDK StacksAPI available | |
| Settlement timeNear real‑time | |
| Payouts supportSupported |
Pros
- Unified business banking + payments + bookkeeping in one interface
- Automated reconciliation saves time
- Developer-friendly API for integration
- Rapid account growth suggests broad adoption
Cons
- Limited to India market
- Few details available on fees or transaction charges
- Support issues cited, especially weekends
- Complaints about slow payment reversals
Why Use the Open.money Platform to Manage Finance, Invoicing, and Business Payments
The Open.money platform allows SMEs and startups to streamline their financial operations by bringing together accounting, invoicing, payments, and expense management in one place. Businesses can send and collect payments via custom invoices, automate reconciliation, and stay on top of bank transactions—all without switching between multiple tools.
It also enables finance teams to manage payables and receivables efficiently, reducing manual effort and errors. With accounting software, APIs, and automation built-in, Open.money helps users stay compliant, reduce reconciliation time, and optimize their financial workflows.
How to Set Up Your Bank Account and Start Using Open.money for Accounting
To get started, a business must register and complete KYC verification to open a current account. Once approved, users gain access to a central dashboard to send invoices, collect payments, and reconcile accounts automatically.
The system supports multiple payment options and recurring billing, making it ideal for companies offering subscription-based services. Developers can integrate the Open.money API for custom payment collection flows. Non-technical users can manage finances through the platform’s clean and intuitive interface.
Review of Open.money: Accounting Software and Payment Platform for SMEs in India
Feedback from users on Trustpilot and G2 shows that Open.money is valued for its user-friendly banking platform and accounting automation features. Business owners particularly appreciate the seamless integration of invoicing, payments, and reconciliation into a single interface.
However, some users mention challenges with customer support, especially during weekends or in the event of account holds. Delays in payment reversals and unexplained debit card issues have also been reported. Despite this, most users recognize Open.money as a reliable partner for business payments and financial management.
Bank-Level Safety: How Open.money Protects Your Business Finances
Open.money has not reported any major data breaches or financial fraud cases publicly. Still, some users have experienced unexpected freezes of bank accounts or cards, usually triggered by automated compliance checks.
To mitigate risk, Open.money has implemented stricter onboarding, automated inactivity logouts, and improved policy transparency. Its platform now displays clearer messaging around compliance holds and helps users resolve issues faster via an upgraded support team. These measures aim to protect account holders and ensure secure business banking experiences.
Pricing & Fees: What Open.money Charges for Payments, Payouts, and Accounting Tools
Open.money doesn’t publicly disclose full pricing details, which may vary depending on the business type and services used. While the platform doesn’t charge setup or annual fees for most accounts, some users have reported unexpected charges, reversal fees, or deductions from payouts.
Businesses are advised to clarify all fee components—especially transaction and refund processing fees—during onboarding. The included accounting software and reconciliation tools are generally bundled without separate billing.
Best Use Cases: Who Should Use Open.money for Business Payments and Finance Management
Open.money is built for SMEs, startups, and freelancers who want to automate accounting and simplify business payments. It suits tech-enabled businesses that rely on invoice-driven collections, recurring payments, and real-time reconciliation.
Service providers, agencies, SaaS platforms, and e-commerce sellers will find Open.money especially useful thanks to its automation, API access, and multi-account visibility features.
Can Open.money Support Physical Clients and In-Store Payments?
Companies that rely on in-person payments or require POS terminals may find Open.money less suitable today. The platform primarily supports digital banking and does not yet offer QR, UPI, or card swipe solutions for physical retail operations.
Until Open.money expands into POS infrastructure, brick-and-mortar stores may need to pair the platform with a traditional payment gateway to cover walk-in customer needs.
FAQ
How long does the onboarding process take?
In most cases, the KYC and verification process takes from a few days up to two weeks, depending on document completeness and volume during peak application periods. Communication delays can extend approval times. Once approved, the account and invoice modules become usable immediately.
Is transaction fee structure clear?
No official fee schedule is publicly available. Users report minimal visibility on transaction or processing fees during signup. It’s strongly recommended to request detailed fee breakdown—including commission, reversal charges, and hidden costs—before onboarding.
Does Open support refunds and chargebacks efficiently?
Refund reversals are handled through the automated reconciliation system, but some users reported delays. The support team’s pace has been inconsistent, especially on weekends. Improvements are reportedly underway, but users should allow multiple business days for dispute resolution.
Can I use Open outside of India or accept foreign currencies?
Not at present. Open is restricted to operations in India and only supports INR transactions. Cross-border payments or multi-currency settlements are not available.
What happens if my account is blocked?
Users have reported unexpected card blocks or account holds without clear justification. Open now enforces stronger KYC checks and automated idle session logouts. In the event of a block, business owners should contact support immediately and be prepared to provide compliance documentation.
