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.
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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