Indian neo banking fintech Open has raised $50m in a Series D funding round at a valuation of $1bn.

The round was led by IIFL with the participation of existing investors Temasek, Tiger Global, and 3one4 Capital.

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Founded in 2017, Open offers digital banking services to small and medium-sized (SME) businesses, startups and freelancers. 

The fintech will use the proceeds to accelerate the launch of three new lending products for SMEs.

The new products include a revenue-based financing product – Open Flo, an early settlement credit offering – Open Settl and a working capital loan product for SMEs – Open Capital. 

In the next 12 months, Open aims to disburse $1bn through the new offerings on the platform. 

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The funds will also be used to strengthen Open’s existing product offerings, further global expansion and increase its customer base. 

Additionally, the fintech plans to strengthen its leadership team and double its employee headcount within a year to 1,000.

Open co-founder and CEO Anish Achuthan said: “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.”

IIFL Holdings co-promoter and managing director R Venkataraman said: “We are delighted to be part of the most exciting neo banking venture in India. Indian MSMEs’ banking and credit delivery can be revolutionised by Open.”

The latest funding follows a $100m Series C round in October 2021, which was led by Temasek and joined by the likes of Google and SBI Investment.