Neobank Open becomes India’s 100th unicorn

Indian neobank Open has reportedly become the 100th unicorn in India, after it closed a Series D.

The funding round was led by IIFL, with commitments also coming from Tiger Global, Temasek and 3one4 Capital, according to a report from TechCrunch.

While the sum of the funding round was not disclosed, TechCrunch reports it closed on $50m. These new products are revenue-based financing Flo, early settlement card offering Settl and working capital lending Capital.

Its plans are to release $1bn in lending through the new products over the course of a year.

Open, which is now valued at $1bn, is now looking to release three new products.

The FinTech company previously raised $100m in a funding round in October 2021, which had put its valuation at $500m.

Open offers business banking services, including a Visa card. Its platform is designed to combine banking, payments, accounting, payroll, expense management, taxes and more.

Its services are allegedly used by two million companies across India.

Open co-founder and CEO Anish Achuthan told TechCrunch, “We are excited to partner with IIFL and existing investors Tiger Global, Temasek and 3one4 Capital for our series D round.

“We see a lot of synergies with IIFL especially on leveraging the lending book, as we are getting ready to launch innovative products like revenue-based financing, early settlement, working capital loan and business credit cards to SMEs on our platform.”

Earlier in the year, CredAvenue joined India’s list of unicorns. The company, which helps businesses and entrepreneurs secure debt from lenders, reached the milestone following the close of a $137m Series B.

India has been producing a lot of FinTech unicorns. The country was responsible for 7% of all new FinTech unicorns in 2021.

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