Open, a neobank backed by Google and Tiger Global, has set a goal of onboarding 10 million SMEs during the next three years. The onboarding process will solve a series of challenges SMEs encounter while managing their business finances using technology. Open will introduce three new products shortly to tap the SME lending space. They include Open Flo (for e-commerce businesses), Open Settl (for early settlement of credit), and Open Capital (offering working capital loans). Open aims to disburse loans amounting to US$1 billion through this new bunch of products over the next 12 months, for which it has teamed up with IIFL Finance Ltd.
