Neobank Open raises $50-M from IIFL, Tiger Global, Temasek, others

Bengaluru-based neobanking startup Open has raised USD 50 million as part of its Series D round from IIFL, taking its valuation to USD 1 Billion, minting India's latest uniicorn. The round also saw participation from its existing investors including Singapore's sovereign wealth fund Temasek, US hedge fund Tiger Global, and 3one4 Capital. Open offers business banking, payments and expense management services to SMBs across the country. The neobank claims over 20 lakh businesses as users, processing over USD 30 billion worth transactions a year.