Indian Neobank Open buys Finin for $ 10 million
In the wake of a recent $ 100 million fundraiser, the 4-year-old neobank Open bought India-based neobank Finin for $ 10 million, according to a report released Tuesday, Dec. 14 by TechCrunch. .
The acquisition involves cash, as well as stock, according to the report.
The purchase follows Open’s $ 100 million fundraising windfall in October. The roundtable was led by Temasek, current investors Tiger Global and 3one4 Capital, as well as Google, Visa and SBI Investment, PYMNTS reported.
Open’s investment injection increased its value to around $ 500 million, up from $ 150 million as a result of its previous funding round.
Related: Small Business Digital Banking Startup Closes $ 100 Million Funding at $ 500 Million Valuation
Finin founder and CEO Suman Gandham expressed his support for the acquisition on LinkedIn.
“Thank you for the warm welcome to Open Financial Technologies,” Gandham wrote. “I’m excited to be a part of Open and can’t wait to build bigger things. “
Finin, which was founded in 2019, offers an app through Apple’s App Store or through Google Play, according to the company’s website. The app helps clients manage, save and invest, according to Finin. Customers can view all of their bank accounts in one place and receive artificial intelligence (AI) -based information on spending and saving behaviors, according to the website.
To date, Finin has generated around $ 1 million in investment, according to the outlet.
Open, which provides small and medium-sized businesses (SMEs) with a business account offering digital banking, payments, billing and automated accounting, partners with Visa to bring enhanced banking options to SMEs in India.
The joint effort gives Open the ability to co-create new offerings with Visa, including real-time payments and business credit cards for startups. Open’s business card is the first card designed specifically to help startups qualify based on funding as opposed to credit history. It offers a suite of expense management tools and is integrated with Whatsapp.
Read more: Visa, Open Combine Forces For Tech-Driven SME Banking