Open, a SME neo-banking platform, has acquired a consumer neo-banking platform Finin for $10 million in a cash-and-stock deal.

Finin is a consumer neo-banking platform launched in 2019. Founded by Suman Gandham and Sudheer Maram, Finin offers a savings account that allows consumers to save and invest their money. This acquisition will strengthen Open’s cloud native enterprise offering BankingStack through 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 digital banking services.

Today BankingStack offers a fintech OS for financial institutions to launch digital banking solutions and with the addition of Finin, BankingStack will be able to offer holistic consumer and business banking solutions to financial institutions.

Founded in 2017, Open offers a neo-banking platform that brings together all the tools used by small businesses and integrates it with the business current account. The Open platform claims to power close to 2 million SMEs and processes over $24 billion in annualized transactions.

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 . 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, “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"

Open is backed by global investors such as Temasek, Google, Tiger Global, SBI Holdings Japan, 3one4 Capital, Speed Invest, Beenext, Recruit Strategic Partners, Unicorn India Ventures, Tanglin Venture Partner Advisors, Angellist and has raised $140 million in funding so far.

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