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The Silicon Review Asia

India-based Neobank Open Raises $100 million in Series C

India-based Neobank Open Raises $100 million in Series C

Open's Series C Round as led by Singapore's Temasek

Bengaluru-based neobank Open has secured $100 million in funding through its Series C. The neobanking platform raised funding from new investors Google and Japanese venture capital fund SBI Investment, along with existing investors Tiger Global and 3one4 Capital. The Series C was led by Temasek.

The fresh funding will help Open strengthen and accelerate its new products that include Zwitch and Banking stack. The Open platform has been deployed at over 15 banks in India. It further plans to expand to international markets such as Southeast Asia, Europe, and the U.S. The neobank is especially focused on beginning its expansion in the Southeast Asia market. Open has already partnered with a bank in Vietnam and Philippines.

"The team at Open have combined deep domain expertise and product-focused rigor to deploy a full-stack solution that places SMEs at the center of a universe of innovation. This platform has set the standard for business banking and will take this full stack approach into new adjacencies and geographies. We are excited to continue our partnership as Open scales into a global fintech innovation engine," said Pranav Pai, Founding Partner and CIO at 3one4 Capital, in a statement.

Open has 500 people on its payroll and is open to a strategic merger in India. The company is processing upto $20 billion in transactions annually and powering business payments for close to 2 million SMEs currently.

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