Open
Category: Compliance Management
Rated 4.7/5 from 27 ratings.
Founded in 2017, OPEN is a business payments platform that empowers SMEs, startups and freelancers to manage everything from accounts payables, accounts receivables, to auto-reconciliation, accounting, expense management, compliance and payroll in one single platform. Today the platform powers more than 40 lakh SMEs and processes over USD 30 billion in annualized transactions. The platform also adds over 100,000 SMEs every month, making it the fastest-growing platform in this space globally. In May 2022, OPEN raised its Series D round and became the 100th Unicorn from India. OPEN is backed by leading global investors like IIFL Finance, Temasek, Google, Visa, Tiger Global, Beenext, Recruit Strategic Partners, 3one4 Capital, Speedinvest, Tanglin Venture Partner Advisors, Angellist, Unicorn India Ventures, to name a few and has raised over USD190 million in funding to date.
Website: https://www.openlending.com/
Key Features
- Cash Management
- Accounting
- Bank Reconciliation
- Compliance Management
- Financial Reporting
- Real-Time Monitoring
- Real-Time Reporting
- Electronic Payments
- Mobile Access
- Third-Party Integrations
- Transaction History
- API
- Accounts Payable
- Accounts Receivable
- Credit Note
- Customer Accounts
- Customizable Reports
- Employee Database
- Financial Management
- General Ledger
Integrations
- Salesforce
- QuickBooks
- Slack
- Zapier
- Microsoft Teams
Review Summary
Overall, users have a positive sentiment towards Open, appreciating its ease of use and comprehensive features for managing business finances. However, they express a desire for improvements in customer support and certain functionalities.
Pros
- Ease of use
- Convenient expense management
- Comprehensive invoicing and payment features
- Cloud-based platform ensures data safety
- Responsive customer support
Cons
- Integration process can have glitches
- Need for more customization options
- Higher subscription costs
- Limited support hours
- Slow crediting of beneficiary accounts