About OpenTransact
OpenTransact is a Financial Services company based in New York (United States) founded in 2010 by Mark Kilaghbian and Jake Howerton. Diversified payment solutions are provided for business operations. It operates in the Financial Services and Retail sectors. OpenTransact has raised $2.63 million across 3 funding rounds from investors including Scout Ventures and Village Ventures. OpenTransact has completed 1 acquisition, including WorkingPoint. Its chief executive, as recorded, is Mark Kilaghbian. Its focus areas include FinTech, Payments, Business Payments and Diversified. Its competitors include Square, Flutterwave and Sunbit; 3 of its 3 listed competitors have raised funding.
Company details
OpenTransact was founded in 2010 in New York, United States, focusing on the fintech sector. A unified platform is offered to consolidate, automate, scale, and monitor payment operations for businesses. Compatibility is ensured with mobile devices, tablets, desktops, and existing payment terminals. This setup allows merchants and customers to handle shopping, payments, and order completions across various devices.
- Headquarters New York, United States
- Founders Mark Kilaghbian, Jake Howerton
- SectorsFinancial ServicesRetail
- Website opentransact.com
- Social LinkedIn
- Total Equity Funding$2.63M (USD)
in 3 rounds
- InvestorsScout Ventures
& 1 more
- Investments & Acquisitions
Funding Insights of OpenTransact
OpenTransact has successfully raised a total of $2.63M across 3 strategic funding rounds. This substantial capital infusion reflects strong investor confidence in the company's business model, growth potential, and market opportunities. The funding enables strategic expansion, product development, market penetration, and operational scaling to drive long-term value creation and competitive advantage.
- Total Funding $2.63M
- Total Rounds 3
- First Round $775,298
(Aug 2011)
- Investors Count 2
All 3 funding rounds of OpenTransact with amounts and investors; the two latest post-money valuations are shown, the rest are part of the premium plan.
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Oct 2013 | Seed | – | – | ||
| Aug 2012 | $1.86M | Seed | – | – | – |
| Aug 2011 | $775,298 | Seed | – | – |
2 investors in total: 2 institutional.
Investors in OpenTransact
OpenTransact has secured backing from 2 investors, including venture fund investors. Prominent investors backing the company include Scout Ventures and Village Ventures.
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
Early-stage venture capital investments in frontier technologies are made. | scoutventures.com | |||
FinTech & Media focused seed and early stage VC firm investing in the US | villageventures.com | Williamstown, United States |
Investor details for OpenTransact
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People of OpenTransact
2 people are tracked at OpenTransact (2 in leadership).
| Name | Role | Group |
|---|---|---|
Mark Kilaghbian | Co-Founder & CEO | Leadership |
Jake Howerton | Co-Founder | Leadership |
Complete people profiles for OpenTransact
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Investments & Acquisitions by OpenTransact
OpenTransact has strategically engaged in corporate development activities, having acquired 1 company. Notable acquisitions include WorkingPoint.
| Company Name | Description | Domain | Location | Founded | Acquired | Amount |
|---|---|---|---|---|---|---|
SaaS bookkeeping and invoicing are offered for small businesses. | workingpoint.com | San Francisco, United States | 2005 | Nov 2014 | •••• |
Complete acquisition details for OpenTransact
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Timeline of OpenTransact
4 dated milestones of OpenTransact across 4 years, from founding to its latest funding, stage changes and deals.
- Founded OpenTransact is founded.
- Funding First funding round of $775K.
- Funding Latest funding round, Seed,.
- Acquisition Acquires WorkingPoint.
Competitors of OpenTransact
OpenTransact has 3 listed competitors in our database, 3 of them funded. They include Square, Flutterwave and Sunbit.
| Company Name | Domain | Founded | HQ Location | Total funding | Employees | Description |
|---|---|---|---|---|---|---|
| squareup.com | 2009 | San Francisco, United States | $519.75M | 11,372 | POS solutions are provided for retail businesses. | |
| flutterwave.com | 2016 | San Francisco, United States | $489.41M | Provider of payment processing solutions for businesses | ||
| sunbit.com | 2016 | Los Angeles, United States | $158.63M | 128 | Point-of-sale financing is facilitated via an online platform for retailers. |
Detailed competitors of OpenTransact
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Top companies in Alternative Lending
3 companies that operate in the same segment as OpenTransact (Alternative Lending) in United States, ranked by their profile score on The Company Check.
| Company | Description | Founded | Location | Total funding | Revenue | Employees |
|---|---|---|---|---|---|---|
Diversified loans are provided via an AI-enabled online marketplace. | 2012 | Palo Alto, California, United States | USD 128.65 M | USD 1.04 B | 1,190 | |
Various consumer loans and financial services are offered online. | 2011 | San Francisco, California, United States | USD 3.04 B | USD 4.77 B | 6,843 | |
Credit score checking and comparison platform for financial products | 2007 | San Francisco, California, United States | USD 869.77 M | 1,487 |
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Related news about Opentransact
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Frequently Asked Questions about OpenTransact
OpenTransact was founded in 2010 and raised its 1st funding round 1 year after it was founded.
OpenTransact is headquartered in New York, United States. It is registered at New York, New York, United States.
Mark Kilaghbian is the CEO of OpenTransact, as recorded in our data. They have also founded this company.
OpenTransact is a funded company, having raised a total of $2.63M across 3 funding rounds to date. The company's 1st funding round was a Seed of $775.3K, raised on Aug 2011.
OpenTransact was founded in 2010 in New York, United States, focusing on the fintech sector. A unified platform is offered to consolidate, automate, scale, and monitor payment operations for businesses. Compatibility is ensured with mobile devices, tablets, desktops, and existing payment terminals. This setup allows merchants and customers to handle shopping, payments, and order completions across various devices.
OpenTransact's top competitors include Flutterwave, Sunbit and Square.
OpenTransact has made 1 acquisition, including WorkingPoint.
OpenTransact has 2 investors. Key investors include Scout Ventures, and Village Ventures.