Financial Inclusion | May 3, 2022

Open secures $50 million for small business services in India

Roodgally Senatus
ImpactAlpha Editor

Roodgally Senatus

ImpactAlpha, May 3 — Bengaluru-based Open provides digital banking, payments, invoicing and automated bookkeeping services to more than two million small and mid-sized businesses

The company has raised $50 million in Series D funding backed by IIFL, Tiger Global and Singapore’s Temasek. The round brings Open’s total raised to $187 million and its valuation to $1 billion.

Open raised $100 million in October in a round led by Google, Visa, Temasek and Japan’s SoftBank. Following the Series D round, the company is looking to disburse $1 billion in loans in the next 12 months.