Google-backed neobank Open acquires Finin for $10 million – TechCrunch

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Open has 1,000 consumer neo-banking startup Finin as it seeks to expand its offerings and deepen its banking ties with its Bangalore-based, Google-backed, business-focused neo-banking platform. I bought it for $ 10,000.

The transaction involves both cash and stock, the two said. Released in 2019, Finin It is one of the first consumer-centric neo-banking startups in India. Raised about $ 1 million from Unicorn India Ventures and others, the startup will see key executives, including founder and CEO Suman Gandham, move to Open.

In an interview, Open co-founder and CEO Anish Achuthan told TechCrunch that the acquisition of Finin complements Open’s broad range of services.

Open, Which Recently received support from Google and TemasekOperates the SME Banking Platform and also provides banks with the infrastructure to set up their own digital banks. Today, over 12 banks use Open’s infrastructure to provide banking services. Open is currently affiliated with 14 banks in India and several banks in Southeast Asia.

Finin offers a savings account that allows consumers to save and invest their money.

“Finin complements our offerings to banks. We are now helping banks launch their own consumer neo-banking products under their own brand name,” he said. “Many banks are considering launching their own latest platform.”

He said the Open still plans to continue to focus on enterprise services to banks and does not want to launch a consumer-focused neo-banking service. “Selling directly to consumers is not part of our DNA,” he said. “However, we may complement some B2C features as part of our services for small businesses such as payroll management.”

“When we first launched Finin, I promised to show the team the characteristics of the fintech industry and show Indian consumers what neo-banking can really do,” Gandham said. Stated in a statement.

“We are confident that the acquisition by Open is accelerating us towards that goal. The result of a consumer neo-banking platform that works in conjunction with the B2B neo-banking platform is employee salaries. It is an example because it can add a lot of value to Open’s SMEs where you want to open an account. Using Open’s built-in financial platform Zwitch, you can expose the rails of consumer banks to FinTech and open Cloud-native digital banking Use OS BankingStack to provide added value to banks wishing to initiate digital banking proposals. “

Google-backed neobank Open acquires Finin for $10 million – TechCrunch Source link Google-backed neobank Open acquires Finin for $10 million – TechCrunch

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