Google, Temasek back Indian neo-banking firm Open with $100 mn investment

Open plans to use the funds to strengthen its leadership in SME neo-banking space. taking the total SME base from 2 million at present to 5 million in India and expand its services to South East Asia

Open, an SME-focused neo-banking platform, has raised Rs 735 crore ($100 million) in a Series C round. The funding was led by Temasek and saw 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. According to the sources, the funding takes the valuation of Open to about $500 million.

Open plans to use the funding to further strengthen and accelerate its new product lines. This includes Zwitch, its embedded finance platform and BankingStack, the cloud-native SME banking platform for financial institutions which is