Bengaluru based Neo-banking platform Open acquires Finin

Tags: Economics/Business

  • 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.


  • 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.

Please Rate this article, so that we can improve the quality for you -