Open gets $100m from Temasek, Google and others

BENGALURU: SME-focused neo-banking platform Open has raised Rs 735 crore ($100 million) in a Series C round led by Temasek, with participation from Google and SBI Investment, one of Japan’s leading venture capital firms. Existing investors Tiger Global and 3one4 Capital also participated in the round.

Open plans to use the funding to further strengthen and accelerate its new product lines – Zwitch, its embedded finance platform, and BankingStack, the cloud-native SME banking platform which is currently deployed at over 15 banks in India. Over the next year, Open plans to expand to global markets like South East Asia, Europe and the US. The funds will be deployed to also strengthen the leadership team and to hire over 800 people across technology, product and business teams.