Being a startup founder is not an easy feat. Especially when it comes to the never-ending battle of managing expenses.
If you have been paying your company’s expenses from your personal credit card, then you’d know what I am talking about.
Open’s Founder One card–Asia’s first credit card designed exclusively for startups & small business entrepreneurs is just the thing you need to manage your business finances #LikeAPro.
Wondering what’s so dazzling about this card? 🧐
Founder One card is the only credit card that integrates your banking, payments, expense management, and accounting into a single platform giving you a better overview of all your business expenses.
As for team expenses, we’ve got physical or virtual cards that come integrated with Open’s online bank account, that you can hand out to your teammates. Just set limits and load them directly from your online bank account.
For now, let’s dig a little deeper on the Founder One card.
Still waiting to get a company credit card? We feel you
Running a startup comes with its own set of challenges. One of the biggest of them revolves around managing your startups’ banking.
For the longest time, traditional banks have primarily focused on catering to the financial needs of the big corporates. Amongst the many banking challenges that startup entrepreneurs fret over, getting a credit card is a major one.
Let’s see what goes down when you apply for a credit card with a bank–
(1) Never-ending documentation:
You’ll definitely reconsider the idea of getting a company credit card, once you have a look at the list of required documents. Arranging for KYC documents of all the directors, identity, address, and entity proofs along with tons of other business & personal documents can be quite tiring.
And the long queues at banks to get these documents vetted, don’t make the process any easier.
(2) Hefty fixed deposit:
Now, even if you somehow get your documents cleared by the bank, you’ll have to make a huge security deposit with them to get a credit card with a limit close or lesser to the deposit you just made. This is a huge setback for most startups & businesses as they are just starting out & need all the cash that they can find.
Why traditional credit cards can’t solve new-age startup problems?
Say, you make it through all those hassles & get your hands on a company credit card. The question that remains is–is it worth all that effort?
(1) Fixed credit limit:
With a traditional credit card, you’ll be approved for a credit limit close to the security deposit that you made. So, if you want to book tickets to an all-important event that exceeds your limit, you’ll definitely not be able to do that. And increasing your credit card limit is similar to the hassles of applying for a brand new credit card all over again.
All in all, the documents & long queues shall never cease haunt to you.
(2) Not integrated with expense management:
If you’re just starting out your startup with a small team, chances are you won’t have a separate finance team. To think you’ll have the time to oversee your business expenses while working 24*7 is a fool’s assumption.
Traditional business credit cards don’t let you preset spend limits or give you a big picture view of your startup’s financial health.
Now, a credit card that comes integrated with expense management – that would be a dream come true, right?
Open’s Founder One card has got it all
Open’s Founder One card comes integrated with your banking, accounting & expense management – thus giving you analytical insights on your business finances.
We were really excited to unveil the card at one of the world’s largest fintech events – Singapore Fintech Festival 😃
Now, let’s get down to business & see how the Founder One card solves challenges unique to a startup –
(1) Minimal documentation & NO fixed deposit:
I’ll be honest, the best part about applying for a credit card with Open is that we don’t require you to submit a million documents. All we need is your personal PAN & address proof & you’re good to go. As simple as that. No personal guarantee or a hefty fixed deposit too.
(2) 100% digital application:
Now, we have always believed in providing a seamless digital onboarding experience to our customers. So forget standing in long queues, you can submit your credit card application from the comfort of your home in just a few clicks.
(3) Flexible credit limit:
With Open’s credit card, you get a credit limit up to Rs. 10,00,000. Also, get interest free credit for the first 30 days on your brand new card.
(4) Keep your personal & business expenses separate:
Well, this one’s a no-brainer. With Open’s Founder One card you can finally pay digital expenses from your company’s credit card & not yours.
(5) Enjoy other rewards that make perfect sense for your business:
You can scale your business with a host of best-in-class rewards from the brands you love. With Open’s Founder One Card you can actually get your hands on rewards that will help your business grow – perfect deals on everything from marketing, cloud communication to customer engagement platforms.
(6) Comes integrated with an expense management tool:
You don’t have to stay in the dark about your business finances anymore. With Open’s Founder One card you have clear visibility on who’s spending on what. It’s time you simplify your team’s spend the smart way by easily managing subscriptions & presetting spend limits. The Founder One card also comes integrated with WhatsApp that lets you capture & manage your expenses on the go.
And hey, if you’ve got a large team then don’t forget to check out Open’s virtual cards and physical cards too.
Get your hands on Open’s Founder One card
India is home to nearly 49K startups & it’s time that they are empowered to manage their banking with ease.
Solving business banking challenges for startups & small businesses is at the heart of what we do with our neobanking platform here at Open. And Founder One card is just a small piece of a host of features that makes managing business finances a cakewalk for 500,000 SMEs on our platform.
So, what are you waiting for? Join the bandwagon of simplified business banking today!