Neobank raises $100M

Neobanking startup Open has raised $100 million in a funding round led by Singapore’s sovereign wealth fund Temasek, along with participation from other new investors like tech major Google, card operator Visa and Japan’s SBI Investment.

What is a neobank? Read our explainer here.

The Bengaluru-based company aims to strengthen its leadership in the SME neo-banking space, taking the total base from the present 2 million to 5 million in India and expand its services to Southeast Asia through the funds.

Founded in 2017, Open is a neobanking platform that offers tools to small businesses. It competes with other neobanks such as Jupiter, RazorpayX, and Niyo.

Neobanks in India have raised a record 196.7 million across 16 deals as of September 23 this year, according to data from Tracxn.

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