Indian neo-bank Open has acquired consumer neo-banking platform Finin to enhance its cloud-native enterprise banking and embedded finance capabilities.

SME-focused neo-bank paid $10m in stock and cash for Finin, which offers a savings account to customers allowing them to save and invest.

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Founded by Suman Gandham and Sudheer Maram, Finin is said to be the first consumer neo banking platform launched in India in 2019.

Finin’s acquisition is expected to strengthen Open’s enterprise offering BankingStack, which allows clients to offer digital banking solutions to SMEs.

Currently, Open powers 15 banks in India and two banks in South-East Asia operating in the business banking space using BankingStack.

Finin will also enhance Open’s recently launched no-code embedded finance platform Zwitch, which allows clients to offer digital banking services.

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Open Financial Technologies co-founder and CEO Anish Achuthan said: “With the addition of Finin, Open will be able to offer holistic business and consumer banking propositions to banks that are looking to enhance the digital banking experiences for their customers.”

Finin co-founder and CEO Suman Gandham said: “The outcome of a consumer-facing neo-banking platform working hand-in-hand with a B2B neo-banking platform is going be exemplary as we will be able to add a lot of value to Open’s SMEs wanting to open salary accounts for employees, expose consumer banking rails to fintechs using Open’s embedded finance platform Zwitch, and also add value to banks wanting to launch digital banking propositions using Open’s cloud-native digital banking OS BankingStack.”

The announcement comes shortly after Open bagged $100m in a Series C funding round led by Temasek with participation from investors such as Google and SBI Investment.