Bengaluru-based neobanking platform Open has secured around $62 million in a Series C funding round from Temasek, Google and existing investors such as Tiger Global Management and 3one4 Capital.
Temasek has invested Rs 254.55 Crore ($34.4 Mn) through its affiliate Arvon Investments, Tiger Global has contributed Rs 54.75 crore ($7.4 Mn) through its Internet Fund V, 3One4 invested a cumulative amount of more than Rs 36 crore ($4.87 Mn) through three of its funds, and Google backed the startup with Rs 108.6 crore ($14.7 Mn) in the round, according to regulatory filings.
At the current share price of Rs 9.09 Lakh apiece, the company's equity valuation (including both common and preference equity) stands at Rs 3331.34 crore ($450.18 million), according to VCCircle estimates.
Open previously raised funding in 2019, the company raised Rs 210 crore (around $30.2 million) in a Series B funding round led by US-based Tiger Global, with participation from Tanglin Venture Partners Advisors, 3one4 Capital, Speedinvest, and BetterCapital AngelList Syndicate.
In July, Open raised around Rs 25 crore ($3.4 million) from venture debt firm Trifecta Capital
Prior to this Series C round, Open had raised Rs 275 crore ($37.4 million) in total over its Series A and Series B rounds.
Open, operated by Open Financial Technologies Pvt Ltd, was set up in 2017 by Anish Achuthan, Mabel Chacko, and ex-TaxiForSure CFO Deena Jacob. Achuthan and Chacko have worked on and set up several fintech startups previously, the most notable among them being Zwitch, which was acquired by CitrusPay in 2015.
Open says its platform helps businesses send and receive payments, automate accounting and expenses, and uses application programming interface (API) tools to help integrate banking processes with SME workflows.
Open primarily competes with Razorpay X. In the APIs business, it competes with the likes of Setu, Decentro, and Yap among others.
Currently, the company claims to work with 450,000 SME’s and processing transactions worth $11 billion.
Earlier this month, Brazil-based Nubank and others have led a $44 million Series B funding round in Mumbai and Bengaluru headquartered in neo banking startup Jupiter.
In February, Zolve Innovations secured $15 million in a seed round led by Accel and Lightspeed.