Indian Neobank Open Lands $100 M Series C Funding Round Backed by Google

Open, India's largest SME banking Platform, has closed a Series C funding round with $100 million, led by Singapore’s sovereign wealth fund Temasek. Google and Japan’s SBI Investment as well as existing investors Tiger Global and 3one4 Capital also joined in this round.

Open, founded in 2017, is reported to be valued at $500 million due to the latest financing. Besides, the next funding round round is on the track, in which investors such as Visa seem to participate.

The neobank claims that more that 2 million corporate clients are using its platform, aside from its partnerships with over a dozen leading banks in India. Open is helping banks to build their own new-age digital banking platforms, and is also helping other fintech startups to establish their embedded finance or other fintech solutions, according to Anish Achuthan, founder and chief executive of Open.

With the new capital, the firm plans to expand its offerings and workforce, and extend its international footprints into Southeast Asia, Europe, and the US. Furthermore, it is considering strategic merger and acquisitions in India and other markets.