Bengaluru based Neo-banking platform Open acquires Finin

Bengaluru based, Google-backed business-focused Open has acquired consumer neobanking startup Finin for $10 million in a cash-and-stock deal.
Open, is Asia’s first neobanking platform for SME (Small and Medium Enterprises) and startups.
It operates an SME banking platform and also provides banks with infrastructure to launch their own digital banks.
Launched in 2019, Finin is among the first consumer-focused neobanking startups in India. The startup, which had raised about $1 million from Unicorn India Ventures and others, will see key executives, including the founder and chief executive Suman Gandham, move to Open.
Finin offers a savings account that allows consumers to save and invest their money.
Founded in 2019 by Suman Gandham and Sudheer Maram, Finin is backed by Unicorn India Ventures and Archana Priyadarshini.

Neo-banking

A neobank (also known as an online bank, internet-only bank, virtual bank or digital bank) is a type of direct bank that operates exclusively online and they don't have any physical branches.
Their services may be accessed by clients through their respective computers or mobile devices.
The range of services provided by neobanks is not as broad as that of their traditional banks.
A large portion of the income of neobanks is mainly made up of transaction fees received when customers pay with their debit card.

These are the 10 neo-banks in India: YOLO, FREE, 811 BY KOTAK, DIGIBANK BY DBS, FREO MONEY, INSTANT PAY, NiYo, WALRUS, YoNo BY SBI and OPEN.

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