Friday
June 28
2019

India’s Open ‘Neo-Bank’ Raises $30 Million to Help Businesses Automate Their Finances

By Manish Singh

Open, a Bangalore-based startup that operates a “neo-bank” to help businesses automate and run their finances, has bagged $30 million in a new funding round as investors look to replicate a globally tried and tested business idea in emerging markets.

The Series B financing round for the two-year-old startup was led by Tiger Global with Tanglin Venture Partners Advisors and existing investors 3one4 Capital, Speedinvest, BetterCapital AngelList Syndicate also participating in it. The new round valued Open at $150 million, a person familiar with the matter said. The startup has raised about $37 million to date.

Open operates as a neo-bank that offers nearly all the features of the bank with additional tools to serve the needs of a business. Millions of small and medium sized businesses in India struggle with maintaining multiple bank accounts, bookkeeping of their daily spending, and bandying out payments to employees.

Photo courtesy of JanetandPhil.

Source: TechCrunch (link opens in a new window)

Categories
Finance
Tags
banking, business, emerging markets, financial innovation, financial services, SMEs, startups