Neobanking startup Open has raised $100 million in its Series C round led by Temasek. The round also saw participation from Google, SBI Investment and existing investors Tiger Global and 3one4 Capital. The startup plans to use this funding to further strengthen and accelerate its new production lines, the startup said in a statement.
The company further said that it will expand its base to 5 million SMEs and expand into global markets such as Southeast Asia, Europe and the Americas. Anish Achuthan, CEO, Open said, “Over the last four years, we have grown from strength to strength to become the fastest-growing SMEs neo banking platform globally”.Anish Achuthan added, “Our product offerings have helped nearly two million SMEs in the Indian market, and we are just getting started. We look to expand our product range in embedded finance and enterprise banking in the coming months. The information about the valuation of Open has not been revealed, but according to the report of a web portal, Open has raised funds at a post-money valuation of around $ 500-520 million.
Speaking of Open, it provides digital banking services like current account services, credit cards, debit cards, payments, accounting and expense management in partnership with banks for startups and small and medium enterprises (SMEs). Apart from opening new bank accounts, the company also provides services like expense and payroll management, payment gateway, invoicing to existing account holders.