Open, SME-focused neo banking platform has raised $50 million in its Series D round. The round was led by IIFL, Temasek Holdings, Tiger Global Management, and 3one4 Capital.
Six months back the company had already raised its Series C round of Rs 735 crore ($100 million) which was previously led by Temasek.
- The fintech platform will utilize the fund in the following ways:
- To accelerate its existing product lines — Zwitch and BankingStack,
- To drive global expansion,
- Reach over five million customers,
- To strengthen its team, and
- Increase its employee base from 500 to 1000.
Open was founded in the year 2017. Open has optimized Asia’s first digital banking platform for SMEs, startups, and freelancers, and has raised its customer base to 2.3M customers in the last year.
The investment from IIFL will enable Open to fast-track its new product offering on SME lending as the platform is pushing for the launch of 3 new.
The new product list includes
- Open Flo
- Open Settl
- Open Capital
EXECUTIVE OPINION:
"India Hits A Century In Style! The Bengaluru-based startup becomes the country's 100th Unicorn. India = Ideas + Innovation + Investments," Piyush Goyal, Union Minister for Commerce and Industry tweeted.
Anish Achuthan, Co-founder and CEO, of Open, said, “We are excited to partner with IIFL and existing investors Tiger Global, Temasek, and 3one4 Capital for our Series D round. We see a lot of synergies with IIFL, especially on leveraging the lending book, as we are getting ready to launch innovative products like revenue-based financing, early settlement, working capital loan, and business credit cards to SMEs on our platform.”
