Open Raises Series D Funding From IIFL
News Synopsis
The neo-banking platform Open Financial Technologies Pvt Ltd has raised $50 million in a Series D funding round led by IIFL Finance, worth more than $1 billion, the company said in a statement.
The bank has said that it plans to use the raised capital to expand and launch product offerings in lending, expand the business globally and double its employee base to 1000.
In this round, Open has doubled its reputation since raising $62 million in Series C from existing investors such as Temasek, Google, Tiger Global Management, and 3one4 Capital in September 2021. Open is the newest unicorn in town with a $1 billion valuation or a private start-up with a valuation of at least $1 billion.
The platform currently has 23 lakh SMEs, processing over $30 billion in transactions annually. Over the next 12 months, the company is targeting a customer base of 50 lakh SMEs and $1 billion in loan payments through new lending products.
You May Like
