Open raises Rs. 735Cr in Series C round led by Temask
Neobank startup Open raised Rs. 735 crore in Series C funding round led by Temask. The round also saw participation from Google, SoftBank Investment, Tiger Global, and 3one4 Capital.
The fintech company plans to use the capital raised to fortify and accelerate its product lines, including embedded finance platform, Zwitch, and cloud-native SME banking platform for financial institutions BankingStack which is currently utilised by 15 banks in India. The company is looking to expand its current user base of two million to five million by August 2022.
This Bengaluru-based startup provides neobanking services to its clients by integrating tools used by small businesses with their business current account.
“Over the last four years, we’ve grown from strength to strength to be the fastest-growing SME neobanking platform globally. Our product offerings have helped nearly two million SMEs in the Indian market, and we’re just getting started. We look to expand our product range in the coming months in embedded finance and enterprise banking,” said Anish Achuthan, CEO, Open.
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