Avendus Capital advises Open on its USD 100 mn fundraise led by Temasek with participation from Google and SBI Investment
SME focused neo-banking platform, Open, has raised USD 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.
Founded in 2017, Open offers a neo-banking platform that combines all the tools used by small businesses and integrates it with the business current account. Today, the Open platform powers close to 2 million SMEs and processes over USD 20 billion in annualized transactions. The platform also adds over 90,000 SMEs every month, making it the fastest growing, SME focused neo-banking platform globally.
Avendus Capital acted as the exclusive financial advisor to Open on this transaction.
About Open
Open was founded by serial entrepreneurs Anish Achuthan, Mabel Chacko and Ajeesh Achuthan, along with ex-TaxiforSure CFO, Deena Jacob. The company was awarded the ‘Most Innovative Digital Bank’ by the Internet and Mobile Association of India at the 11th India Digital Awards 2021. Open plans to use the funding to further strengthen and accelerate its new product lines - Zwitch, its embedded finance platform and BankingStack, its cloud native SME banking platform for financial institutions, which is currently deployed across 15+ banks in India. Over the next one year, Open will grow its base to 5 million SMEs and expand to global markets like Southeast Asia, Europe and the US.
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