Zwitch, founded in 2013, is a full-stack payment platform enabling developers to accept online and mobile payments. The company has over 1,000 merchants onboard and records daily transactions of about Rs 10 lakh.
Expert Collections containing Zwitch
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Zwitch is included in 1 Expert Collection, including Fintech.
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Latest Zwitch News
Dec 22, 2022
Due to increased spending on new products as it added more revenue streams to its neobanking platform, Open Financial Technologies saw its losses increase by 155 per cent to Rs 167.6 crore in the last fiscal year, up from 65.6 crore in FY21. Bankingstack enables financial institutions to offer SME neobanking to their customers, whereas Zwitch is an embedded finance platform. As a result of its efforts to monetise its neobanking platform and the launch of new revenue-generating products, Open's operating revenue more than sevenfolded to Rs 40.9 crore in FY22, up from Rs 5.7 crore in FY21, it said in its FY22 filings with the Registrar of Companies (RoC) on Monday. Open, which provides small and medium-sized businesses with banking, payments, accounting, compliance, and growth services, provided its neobanking platform for free until last year. Anish Achuthan, Mabel Chacko, and Jacob, the former chief financial officer of TaxiForSure, founded Open in 2017. In addition, the company offers application programming interface (API) tools to aid in the integration of banking processes with SME (small and medium-sized enterprise) workflows. It competes with companies such as Setu, Decentro, and Yap in the APIs market. In May, the company raised $50 million in a Series D funding round led by IIFL Finance. Tiger Global, Temasek, and 3one4 Capital also participated in the funding round. It also has investors such as Visa, Beenext, Recruit Strategic Partners, Speedinvest, Tanglin Venture Partner Advisors, Angellist, and Unicorn India Ventures. In FY22, Open’s total expense jumped to Rs 223.9 crore from Rs 81.3 crore in the fiscal before. The company’s employee cost surged more than two-fold to Rs 107.1 crore, including a Rs 22.4 crore non-cash expense in the form of an employee stock option plan (Esops) and Esop purchase plan. The company spent Rs 68.7 crore on promotions and advertisements, while its technical services cost Rs 14.7 crore. Share this article:
Zwitch Frequently Asked Questions (FAQ)
Where is Zwitch's headquarters?
Zwitch's headquarters is located at Pentaken Tower,#401, 28th Main Road, Bengaluru.
What is Zwitch's latest funding round?
Zwitch's latest funding round is Acquired.
Who are the investors of Zwitch?
Investors of Zwitch include Citrus Pay.