Bangalore: Open, Asia’s fastest growing SME neo-banking platform today announced its acquisition of consumer neo-banking platform Finin for $10 Million in a cash-and-stock deal.
Finin was the first consumer neo-banking platform to be launched in India in 2019. 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, where they enable fintechs and non-fintechs to launch innovative digital banking services. Today BankingStack offers a fintech OS for financial institutions to launch innovative 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 today powers close to 2 Million SMEs and processes over $ 24 Billion in annualized transactions. The platform also adds over 100,000 SMEs every month, making it the fastest growing SME-focused neo-banking platform globally.
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 mostly in the business banking space. 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, “When we first launched Finin, I promised my squad that we would make a hallmark in the fintech industry, and show Indian consumers what neo-banking can really do for them. Now with the acquisition by Open, I’m absolutely convinced that we are speeding towards that goal. 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"
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