Neo-banking platform Open adds over 100,000 MSMEs every month

New Delhi, 15 Dec (KNN) Open, SME neo-banking platform announced its acquisition of consumer neo-banking platform Finin for USD 10 Million in a cash-and-stock deal on Tuesday.

The acquisition will strengthen Open’s cloud native enterprise offering BankingStack via which it has deployed SME digital banking solutions for 17 banks, as well as the recently launched no-code embedded finance platform Zwitch, where they enable fintechs and non-fintechs to launch innovative digital banking services, said the press release.

Open offers a neo-banking platform that brings together all the tools used by small businesses and integrates it with the business current account, and today close to 2 Million SMEs and processes over USD 24 Billion in annualized transactions are controlled by it.

It also adds over 100,000 SMEs every month, making it the fastest growing SME-focused neo-banking platform globally.

Commenting on the acquisition, Anish Achuthan, Co-founder & CEO, Open Financial Technologies Pvt. Ltd said, “The acquisition of Finin adds strategic value to Open’s offering in the cloud native enterprise banking and embedded finance space. Today through BankingStack, our cloud native enterprise banking offering, Open powers over 15 banks in India and 2 banks in South-East Asia mostly in the business banking space. 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.”

Suman Gandham, Co-founder & CEO, Finin added, “When we first launched Finin, I promised my squad that we would make a hallmark in the fintech industry, and show Indian consumers what neo-banking can really do for them. Now with the acquisition by Open, I’m absolutely convinced that we are speeding towards that goal. 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."