BENGALURU: SME neo-banking platform Open on Tuesday announced its acquisition of consumer neo-banking platform Finin for $10 million in a cash-and-stock deal. Founded by Suman Gandham and Sudheer Maram, Finin was backed by Unicorn India Ventures and Archana Priyadarshini, and offers a savings account that allows consumers to save and invest their money.
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, it said in a statement.
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, it said.
"The Open platform today powers close to two million SMEs and processes over $24 billion in annualised transactions. The platform also adds over 100,000 SMEs every month, making it the fastest growing SME-focused neo-banking platform globally", the statement added.
