Private Equity

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Neobank Open in talks with QIA, Tiger Global, others to raise $150-M

Economic Times  

Google-backed neobank Open is in talks to close a fresh funding round of USD 100-150 million after which it expects to be valued at about USD 1.1-1.3 billion. Sovereign wealth fund Qatar Investment Authority (QIA) is among the investors which have held talks with Open. The company has also received a term sheet from existing backers like Tiger Global and Temasek to co-lead the new round. If the deal goes through, Bengaluru-based Open's valuation will more than double in two months since it closed its previous USD 100 million fundraise from Temasek, Google, Visa and others in October. At the time, the company was valued at USD 500 million. The company claims to have around 2 million SMEs on its platform, adding 90,000 more each month, processing over USD 24 Billion in gross transaction volume annually.