Fintech unicorn OPEN has fired 47 staffers out of its 600 people team based on performance evaluation, the company said in a statement.
OPEN’s Co-founder & CEO Anish Achuthan said the company has ensured that deserving high performers get 20-30 per cent average hikes and ESOPs. OPEN is also actively hiring across critical functions such as growth marketing, product and sales.
Further, the company confirmed that founders have taken a 50 per cent pay cut as the company chases scale and profitability. However, none of its employees’ salaries has been reduced.
“OPEN understands that these kinds of changes can sometimes be difficult for everyone involved. As a part of scale-up and profitability, OPEN will continue the efforts to make a highly performance-oriented effective organisation fit for scale. OPEN assures its customers and partners that its commitment to providing top-quality service remains unchanged. OPEN believes that these changes will ultimately help the company better serve its customers and position itself for continued growth in the years to come,” the company said in a statement.
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Founded in 2017, OPEN started as a neobanking platform that helps SMEs, start-ups and freelancers manage everything from banking to automated accounting, bookkeeping, expense management, compliance and payroll in one single platform. Today, the platform powers more than 3 million SMEs and processes over $30 billion in annualised transactions. The platform also adds over one lakh SMEs every month.
New platform launched
OPEN has also launched an end-to-end embedded finance platform Zwitch that enables fintech and non-fintech companies to launch digital banking services, and BankingStack, a modern cloud-native fintech OS for financial institutions to launch innovative digital banking solutions.
In May 2022, Open raised its Series D round and became the 100th Unicorn from India. OPEN is backed by global investors such as IIFL Finance, Temasek, Google, Visa, Tiger Global, Beenext, Recruit Strategic Partners, 3one4 Capital, Speedinvest, Tanglin Venture Partner Advisors, Angellist and Unicorn India Ventures.
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