Indian neo-banking platform Open said Tuesday it has raised $100 million in a Series C round led by Singapore state investment firm Temasek.
Google and SBI Investment, one of Japan’s leading venture capital firms, also took part in the round as did existing investors Tiger Global and Indian VC firm 3one4 Capital.
The SME-focused startup said it plans to use the funding to strengthen and accelerate its new product lines. These include Zwitch, its embedded finance platform. and BankingStack, its cloud native SME banking platform for financial institutions which is deployed across 15 banks in India.
Over the next one year, Open aims to grow its base to 5 million SMEs and expand to Southeast Asia, Europe and the US, the company said.
The startup was founded in 2017 by serial entrepreneurs Anish Achuthan, Mabel Chacko and Ajeesh Achuthan, along with former TaxiforSure CFO Deena Jacob.
It offers a neo-banking platform to small businesses and integrates it with the business current account. It says its platform is used by almost 2 million SMEs and processes over $20 billion in annualized transactions.
Open CEO Anish Achuthan said the company has grown rapidly over the last four years to be the “fastest-growing SME neo-banking platform globally”.
“In the coming months, we look to expand our product range in embedded finance and enterprise banking. We also look to cater to over 5 million SMEs by August 2022,” he said.
Avendus Capital acted as the exclusive financial advisor to Open on this transaction.