Open raises Rs 735 Cr from Temasek, Google, SBI Investment
Open, an SME-focused neobanking platform, announced that it has raised Rs 735 crore as part of its Series C round led by Temasek.
The round also saw participation from Google, venture capital firm SBI Investment, and existing investors Tiger Global and 3one4 Capital.
The fintech platform plans to use the freshly raised funds to strengthen and accelerate its new product lines, including embedded finance platform, Zwitch, and BankingStack, a cloud-native SME banking platform for financial institutions. The latter is deployed at 15+ banks in the country.
Speaking about the funding, Anish Achuthan, CEO, Open, said, “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.”
Eyeing global markets like Southeast Asia, Europe, and the US, the startup expects to increase its user base of two million small and medium enterprises (SMEs) to five million by August 2022.
Established in 2017, the Bengaluru-based startup provides a neobanking platform that combines tools used by small businesses with the business’s current account.
Commenting on the investment, Pranav Pai, Founding Partner and CIO, 3one4 Capital, said, “The team at Open have combined deep domain expertise and product-focused rigor to deploy a full-stack solution that places SMEs at the center. This platform has set the standard for business banking and will take this full-stack approach into new adjacencies and geographies.”
In February, Open acquired goods and services tax and financial automation startup Optobizz for $5 million to add a tax filing product to its platform.
During the Singapore Fintech Festival in late 2019, Open tied up with Visa to roll out ‘Founders Card’ — a business credit card that enables startups and SMEs to manage their expenses and vendor payouts easily.
Open seems to have established a strong position in the market with its unique solutions. I’m sure the company will continue to prosper in its journey ahead. My best wishes to the team of Open.Shishir Gupta, Founder and CEO, StartupLanes
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