Open Financial Technologies has reportedly acquired $50 million in capital via a Series D funding round that was led by IIFL Finance.
Existing investors Tiger Global, Temasek and 3one4 Capital have also made contributions to Open Financial Technologies latest investment round.
Neobanking platform Open Financial Technologies Pvt Ltd has now been valued at more thatn $1 billion, the firm’s management noted (giving it Unicorn status).
Bengaluru’s Open Financial claims to be one of Asia’s first neobanking platforms for SMEs and startups. They are on a mission “to deliver a truly seamless business banking experience and make managing finances a breeze.”
Powered by partner banks, Open offers “a business account that let’s small business owners collect payments, auto-reconcile them, and make seamless payouts.”
They don’t stop with just that – they also offer additional tools “designed exclusively for businesses, such as an integrated payment gateway, automated accounting and expense management.”
Open has been streamlining “the way SMEs and startups bank since 2017 and [they] currently serve more than 15,00,000 SMEs and process $24 billion in transactions annually.”
The platform claims that it “onboards 50,000 new SMEs and startups every month.”
They further revealed that they are growing at a steady pace and are “on the lookout for new and exciting talent to join the Open tribe.”
As covered in November 2019, Open Financial Technologies Pvt Ltd, Asia’s first neobank for small and medium enterprises (SMEs) and startups, and MEDICI Global Inc, a Fintech research and innovation advisory company, had unveiled an extensive report on Banking-as-a-Service (BaaS) at the Singapore Fintech Festival.
According to a release, the report provides a detailed overview of the impact and pace at which BaaS is “driving disruptive change.”
BaaS is an end-to-end process in which third parties, such as Fintech firms and non-Fintech commercial entities, are able to gain access to and execute financial services capabilities “without having to develop them organically,” the release explained.
The comprehensive report discusses different aspects of BaaS, including its history, operational models, key drivers, and current level of global adoption.