Open, the Bangalore-based SME-focussed neo-banking platform, has acquired a consumer neo-banking platform Finin for $10 million in a cash-and-stock deal. The Open platform currently powers around 2 million SMEs and processes over US$24 billion in annualized transactions. Every month, Open also adds over 100,000 SMEs, making it the fastest-growing SME-focused neo-banking platform globally. Meanwhile, Finin offers a savings account to enable consumers to save and invest their money. This acquisition will bolster Google-backed Open’s cloud-native enterprise business significantly. Lately, Open is witnessing demand in foreign countries like Vietnam and the Philippines, and the purchase of Finin is expected to prove helpful over there.
