Neo-banking platform Open raises $100 million from Temasek, Google, others

Small business-focused neo-banking platform Open on Tuesday said it has raised USD 100 million (about Rs 750 crore) in a funding round led by Singapore’s Temasek. Google and Japanese venture capital fund SBI Investment also participated in the round, along with existing investors Tiger Global and 3one4 Capital, as per a statement.

The Bengaluru-based company aims to strengthen its leadership in the SME neo-banking space, taking the total base from the present 2 million to 5 million in India and expand its services to Southeast Asia through the funds.

The funding will also be used to strengthen and accelerate its new product lines like embedded finance platform Zwitch and Bankingstack, the cloud-native SME banking platform for financial institutions, which is currently deployed at over 15 banks in India, the statement said.