Neobank Open announced it has raised $50 million funding led by IIFL Finance, according to ETtech report. Existing investors Temasek, Tiger Global and 3one4 Capital also participated in the funding round. Post this funding, Open has entered the unicorn club with a valuation of $1 billion.
Open, going forward, will use the new capital and IIFL Finance’s strategic expertise to build out a lending business, people aware of the plans said.
The round comes on the back of Open raising $100 million in a funding round led by Singapore’s sovereign wealth fund, Temasek, in October, last year. The round also saw participation from strategic partners, payments network major Visa; search giant Google as well as Japan’s SBI investments.
Open, which was founded in 2017, is a neobanking platform that provides small businesses with tools and integrates with their current account. At present, the company competes with the likes of Jupiter, Razorpay X, Niyo, among other competitors.
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