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Indian neobank Open hits unicorn status

Indian neobank Open hits unicorn status

Indian neobank Open has become a unicorn after securing $50 million in a Series D funding round led by investment firm IIFL.

Tiger Global, Temasek and 3one4 Capital joined the round, which sees Open's valuation double from $500 million at its Series C seven months ago.

Founded in 2017, Open partners regulated banks to offers SMEs and startups a business account designed to automate the way they run their finances by helping with things like payments and bookkeeping.

The firm is used by more than 2.3 billion SMEs and process more than $30 billion in transactions a year.

With the new funding in place, Open is set to add revenue-based financing product for e-commerce firms, an early credit offering, and a working capital lending product.

Anish Achuthan, CEO, Open, says: "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.”

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