• Send Us A Tip
  • Calling all Tech Writers
  • Advertise
Sunday, July 20, 2025
  • Login
TechStory
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
TechStory
No Result
View All Result
Home Business

Neo-banking platform Open raises $100 million in Series C round at $500 million valuation

by Balraj
October 13, 2021
in Business, India News, Startups, Tech
Reading Time: 2 mins read
0
Open Logo
TwitterWhatsappLinkedin

Open, an SME-focused neo-banking platform based in Bengaluru, has secured $100 million in a Series C funding round led by Temasek, featuring participation from Google and SBI Investment. The round also saw participation from existing investors Tiger Global Management and 3one4 Capital. The round was advised by Avendus Capital valuing the startup at about $500 million.

You might also like

DuckDuckGo Now Filters AI-Generated Images

Jio Financial Services and Allianz Group Ink 50:50 Reinsurance Joint Venture Deal

Microsoft Layoffs Stir Debate Over AI’s Real-World Impact

Open Logo

The fresh infusion will be allocated towards strengthening its dominance in the SME neo-banking industry, expanding its customer base from 2 million to 5 million in India as well as spreading its services to Southeast Asia. The funds will also be incorporated to improve and accelerate the company’s new product offerings, including Zwitch, an embedded finance platform, and Bankingstack, a cloud-native SME banking platform for financial institutions that are now employed by over 15 banks in India, according to the statement.

Open also said the funds will be leveraged to strengthen the leadership team and hire around 800 professionals across the technology, product, and business teams. Currently, the company handles $20 billion in transactions per year and facilitates business payments for around 2 million SMEs.

Temasek, 3one4 Capital, Google, and Tiger Global have previously invested around Rs 456 crore ($63 million), according to MCA filings. Open will get the remaining funds (that is $37 million) from SoftBank Investment Advisers in the coming days, according to a source familiar with the matter. Temasek has invested in Rs 254 crore, Tiger Global Management (Internet Fund V) has invested in Rs 54 crore, 3One4 has poured in Rs 35.7 crore, and Google has injected Rs 108 crore into the round, as per MCA filings.

Open, which was founded in 2017 by Ajeesh Achuthan, Anish Achuthan, Mabel Chacko, and Deena Jacob, provides a neo-banking platform that incorporates all of the resources used by small businesses and connects them to their business current account. Every month, the platform claims to attract around 90,000 SMEs, making it the world’s fastest-growing SME-focused neo-banking platform.

Anish Achuthan, Cofounder and CEO of Open commented on the development saying, “Over the last four years, we’ve grown from strength to strength to be the fastest-growing SME neo-banking platform globally. We look to expand our product range in the coming months in embedded finance and enterprise banking. We also look to cater to over 5 million SMEs by August 2022.”

The company’s revenue from operations increased 2.7X to slightly more than Rs 7.6 Lakhs reported during FY20, but annual losses increased 6.7X to more than Rs 42.2 crore during the same period. During the fiscal year that ended in March 2020, Open spent around Rs 670.4 to generate a single rupee of operating revenue.

Open directly competes with Chqbook and PayO, Razorpay X, among other neo-banking startups that target SMEs.

Tags: Ajeesh AchuthanAnish AchuthanChqbookDeena JacobMabel ChackoNeo BankingOpenPayORazorpay XSMEsTiger Global ManagementZwitch
Tweet54SendShare15
Previous Post

Fortnite teases an Among Us crossover

Next Post

Samsung Galaxy Unpack Part 2 Event to be scheduled for 20th October

Balraj

Balraj writes about Startup, Business, Technology related news on Techstory... For Business Enquires related to TechStory; Get in touch on: [email protected]...

Recommended For You

DuckDuckGo Now Filters AI-Generated Images

by Sneha Singh
July 20, 2025
0
DuckDuckGo Now Filters AI-Generated Images

DuckDuckGo added a new feature that enables users to exclude AI-generated pictures from their search, following widespread complaints that AI-generated content is making it more difficult to locate...

Read more

Jio Financial Services and Allianz Group Ink 50:50 Reinsurance Joint Venture Deal

by Anochie Esther
July 20, 2025
0
JFSL

In a landmark move poised to reshape India's insurance landscape, Jio Financial Services Ltd (JFSL) and Germany-based Allianz Group have entered into a binding agreement to form a...

Read more

Microsoft Layoffs Stir Debate Over AI’s Real-World Impact

by Anochie Esther
July 20, 2025
0
Microsoft

A recent Reddit post has sparked a wave of concern and discussion across the tech industry, revealing a Microsoft software engineer was abruptly laid off via a “cold...

Read more
Next Post
Samsung Galaxy Unpack Part 2 Event to be scheduled for 20th October

Samsung Galaxy Unpack Part 2 Event to be scheduled for 20th October

Please login to join discussion

Techstory

Tech and Business News from around the world. Follow along for latest in the world of Tech, AI, Crypto, EVs, Business Personalities and more.
reach us at [email protected]

Advertise With Us

Reach out at - [email protected]

BROWSE BY TAG

#Crypto #howto 2024 acquisition AI amazon Apple Artificial Intelligence bitcoin Business China cryptocurrency e-commerce electric vehicles Elon Musk Ethereum facebook funding Gaming Google India Instagram Investment ios iPhone IPO Market Markets Meta Microsoft News NFT samsung Social Media SpaceX startup startups tech technology Tesla TikTok trend trending twitter US

© 2024 Techstory.in

No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to

© 2024 Techstory.in

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?