$50m Temasek-backed round makes Indian neobank a unicorn

Digital bank Open has joined the ranks of India’s unicorns after closing a round led by financial services firm IIFL.

While the exact amount raised was undisclosed, The Economic Times reported that the digibank secured US$50 million in the fundraise. Other investors in this round include Temasek, Tiger Global, and 3one4 Capital.

Open founders / Photo credit: Open

Founded in 2017, the neobank helps small and medium-sized businesses with their banking requirements. Open also offers tools to help these businesses digitally manage payments and accounting processes.

So far, the company has worked with 2.3 million businesses and freelancers. With the fresh funding, Open plans to speed up the roll-out of its new lending products for businesses.

The firm also plans to disburse US$1 billion in lending through the new products over the next 12 months and aims to double its workforce within the year from 500 to 1,000 employees.

The new funds add to the US$100 million raised in an October 2021 round led by Singapore-based investment company Temasek, with participation from Visa and Google.

See also: Mapping SEA’s key digital banking players