Highlights
• IIFL, Temasek, and other investors contribute $50 million to Open’s Series D financing
• SMEs in India can use Open’s business banking
• The company claims to have over 2.3 million SMEs
Neobank Open became the 100th Indian firm to enter the unicorn category, which includes companies valued at over a billion dollars, on 1st May.While Open claims to be the 100th unicorn, according to Venture Intelligence, it is the 96th company to join the club.
Open recently raised $50 million in a Series D funding round. The financing included IIFL, as well as current investors Temasek, Tiger Global, and 3one4 Capital, according to a news release from Open.
Open also claims to be the fastest-growing SME focused neobanking platform in the world
Anish Achuthan, Ajeesh Achuthan, Mabel Chacko, and Deena Jacob founded Open in 2017 to provide business banking, payments, and cost management services to SMEs in India. The company claims to have over 2.3 million SMEs, allowing it to conduct over $30 billion in annual transactions.
Open also claims to be the fastest-growing SME-focused neobanking platform in the world, with over 100,000 SMEs joining each month. Navi, Nubank, CredAvenue, and Oxyzo, to mention a few, are all on the verge of going public.
Company is now looking to launch 3 new products
The five-year-old firm is gearing up to launch three new products: revenue-based financing platform Open Flo, early settlement service Open Settl, and working capital loan firm Open Capital. Through its Open Capital programme, the corporation expects to distribute $1 billion in loans over the next 12 months.
In a press release, Anish Achuthan, cofounder and CEO of Open, said, “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.”
