● The acquisition strengthens Open’s cloud native financial OS BankingStack and empowers banks & financial institutions to launch & complement their digital banking services to both consumers and businesses.
● The acquisition will also further enhance the no-code embedded finance platform Zwitch
● The acquisition will also empower SMEs using the Open SME neo-banking platform to offer salary accounts for employees along with the integrated payroll module
Bengaluru, NFAPost: Open, Asia’s fastest growing SME neo-banking platform, 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.
Commenting on the acquisition, Open Financial Technologies Pvt. Ltd Cofounder & CEO Anish Achuthan 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,” said Open Financial Technologies Pvt. Ltd Cofounder & CEO Anish Achuthan.
Finin Cofounder & CEO Suman Gandham added that when they first launched Finin, he had promised the squad that they 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,” said Suman Gandham.
He also pointed out that the acquisition will 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.
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.
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.
About Open:
Open Financial Technologies Pvt. Ltd. (www.open.money) is Asia’s leading digital banking fintech offering a suite of cloud native digital banking products for SMEs, Financial Institutions and Fintechs. Open’s suite of products include Open Money – one of the world’s fastest growing SME-focused business banking platforms with over 20,00,000 SMEs, processing over $24 Billion in transaction volume annually and adding 90,000 new SMEs every month; Banking Stack – the Fintech OS that enables banks to launch innovative cloud native digital banking products deployed by over 17+ banks across Asia; and Zwitch – Asia’s first no-code embedded finance platform (www.zwitch.io)
Open is backed by leading global investors 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. Open was also awarded the ‘Most Innovative Digital Bank’ by the Internet and Mobile Association of India at the 11th India Digital Awards 2021.
BankingStack is a cloud native SME banking platform for financial institutions, launched by Open – Asia’s leading digital banking fintech powering over 2 Million businesses. BankingStack empowers banks & financial institutions to launch digital banking services and is currently deployed at over 15 banks in India and 2 banks in South-East Asia. Using BankingStack’s financial OS banks can now complement their own digital banking offerings and offer a superior experience to their customers.
