Google backed neo-bank Open acquires Finin for $10 million

• ByTejika Bajaj     |    December 15, 2021

Google backed neo-bank Open has recently announced the acquisition of Finin for a $10 million cash-and-stock deal. This announcement comes just a few months after Open had raised a hefty amount of $100 million in a round of funding.

As per the co-founder of the company, Open will use Finin to strengthen its enterprise business and take it overseas in a significant way after the deal. According to Open, the acquisition will also enhance its no-code embedded finance platform Zwitch.

Commenting upon the recent acquisition of neo-bank, the co-founder of Open, Anish Achuthan said, “Our enterprise solution has seen strong demand in India with 14 of Indian banks using our product to power their SME neo-banking platforms. We are seeing demand from countries like Vietnam, Philippines and Finin acquisition will help us there. Over the next three-five years, 50% of our revenue will be from enterprise business, and 70% of that could come from international markets.”

Founded in 2017, Open offers a neobanking platform which integrates all the tools used by small businesses with a business current account. It has around 200,000 SMEs on its platform and processes over $24 billion in gross transaction volume annually. The platform aims to add 90,000 SMEs as well as strengthen its leadership team and hire around 800 people across functions like technology, product and business.

Talking about the recent development and the plan thereof, the co-founder of Finin, Suman Gandham stated, “The outcome of a consumer-facing neo-banking platform working hand-in-hand with a B2B (business-to-business) neo-banking platform is going be exemplary as we will be able to add a lot of value to Open’s SMEs wanting to open salary accounts for employees, expose consumer banking rails to fintechs using Open’s embedded finance platform Zwitch, and also add value to banks wanting to launch digital banking propositions using Open’s cloud native digital banking OS BankingStack.”

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