Fintech firm Open in Series D funding, valued at $1 bn

BENGALURU: Neobanking fintech Open has announced its series D funding round from IIFL along with existing investors Temasek, Tiger Global and 3one4 Capital. With this round, Open is now valued at $1 billion making it the 100th entrant in India’s unicorn club. Open has built Asia’s first digital banking platform for SMEs, start-ups, and freelancers and has increased its customer base to 2.3 million customers in the last 12 months. The strategic investment from IIFL will help Open accelerate its new product offering on SME lending. The new products include Open Flo – an innovative revenue-based financing product for ecommerce businesses, Open Settl – early settlement credit offering and Open Capital – working capital lending offering for SMEs.