India, Feb. 18 -- Mengaluru-based neobanking platform Open has acquired goods and services tax (GST) and financial automation startup Optobizz for $5 Mn in a stock-plus-cash deal, that will see all 35 Optobizz employees joining the neobanking startup.

Open claimed the deal would expand its MSME target customer base by over 800K from the current 1 Mn customers. The startup said it processes transactions worth $24 Bn annually. As of December 2020, Open had said it had more than 500K SME customers across 15 partner banks. Further, the company will be setting up a development centre in Hyderabad, where Optobizz is headquartered.

Optobizz was founded by Kalyan Chakravarthy Reddy Alla, Satya Prakash Venkata Sai Buddhavarapu, Adisesha Reddy Ga...