We’re thrilled to share that Open, India’s largest SME-focused digital banking platform, is the country’s 100th unicorn after raising $50 Mn from IIFL, 3one4 Capital, Tiger Global and Temasek.
Anish, Ajeesh, Deena, Mabel, and the incredible team at Open have combined deep domain expertise and product-focused rigor to deploy a full-stack solution that places SMEs at the center of a universe of innovation. This platform has reimagined business banking and will now take this full stack approach into new adjacencies and geographies.
The platform is gearing up for the launch of three new products aimed at enhancing the capital needs of SMEs apart from its existing SME banking and credit card offerings. The new products include Open Flo – an innovative revenue-based financing product for ecommerce businesses, Open Settl – early settlement credit offering, and Open Capital – working capital lending offering for SMEs. Open is targeting to disburse USD 1 billion in lending through the new suite of products on the platform, in partnership with financial institutions & corporations in India.
Open identified this opportunity in the SME business finance segment early and is amongst the largest SME digital banking platforms in India, processing USD 30 billion in transactions annually and powering business payments for over 2.3 million SMEs.
This milestone has also been celebrated by the Minister of Commerce of India, Piyush Goyal, as a major event in the Indian startup ecosystem!
3one4 has been an early partner since the Series A and has invested in every round since. We are thrilled to continue our partnership as Open scales into a global fintech innovation engine!