Recruit Invests in Open Financial Technologies Pvt. Ltd. Which Provides an Indian Inter-company Settlement Platform
Recruit Co., Ltd. (Headquarters: Chiyoda-ku, Tokyo; President: Yoshihiro Kitamura; referenced below as "Recruit") has invested in Open Financial Technologies Pvt. Ltd. (Headquarters: Bangalore, India; CEO: Anish Achuthan; hereinafter referred to as Open) which provides an Indian inter-company settlement platform, through its investment subsidiary RSP India Fund, LLC.
1. Purpose and Background
In India, corporate activities are increasingly digitalized due the government's promotion of tax reform and the advance of cashless payments. On the other hand, with the diversification of electronic payment methods making deposit collation more complicated and the inadequate provision by banks of general transfer services for simultaneous payments to multiple business partners, many companies are suffering from the inefficiency of deposit and payment management.
Open partners with banks to provide a platform that streamlines inter-company settlement. Through this investment, Recruit will work with Open to expand the service. With this funding procurement, Open plans to further expand functionality and promote customer acquisition.
2. Overview of Open Financial Technologies Pvt. Ltd.
The company provides businesses with dedicated virtual accounts for payment with affiliated banks, and creates and issues invoices by linking virtual accounts with billing data. By automatically collecting deposit information and collating payments based on invoices, it greatly streamlines a company's payment management tasks. Also, by providing a general transfer service on behalf of the bank, it greatly reduces the effort involved in transfers.
In the six months since the release of the service, Open has achieved implementation at 200 companies and supports about 10,000 payment transactions daily.
|(1)||Company Name||Open Financial Technologies Pvt. Ltd.|
|(3)||Location||512A, Confident Antlia 1, Attibele Main Road, Sarjarpura, Bangalore, India|
|(5)||Main business||Providing an inter-company settlement platform|
3. Overview of RSP India Fund, LLC.
The fund aims to discover new technologies and new business models, and to acquire business opportunities which are relevant to new business development for the Recruit Group in India.
|(1)||Company Name||RSP India Fund, LLC.|
|(3)||Address||8-4-17 Ginza, Chuo Ward, Tokyo|
|(4)||Established||April 8, 2015|
|(5)||Main Business||Investment development and venture capital|