Open, the neobanking platform backed by Google, has announced acquisition of Finin, one of India’s first consumer-facing neobank. The deal is speculated to be around $10Mn, with both cash and stock options. Finin has raised about $1 million from Unicorn India Ventures and others, according to data available on public sources.
Finin, started in 2019 by Suman Gandham and Sudheer Maram, was among the first few consumer-focused neobanks to offer a savings account to consumers.
“Our enterprise solution has seen strong demand in India with 14 of Indian banks using our product to power their SME neo-banking platforms,” said Achuthan. “We are seeing demand from countries like Vietnam, Philippines and Finin acquisition will help us there.”
According to Open, the acquisition will also enhance its no-code embedded finance platform Zwitch. “Over the next three-five years, 50% of our revenue will be from enterprise business, and 70% of that could come from international markets,” Achuthan said.
Open, which recently raised a $100Mn, operates a neobank that allows small business owners to avail everything a normal bank has to offer, without the need for setting up physical locations. This includes payments, lending, credit, and savings, among other things. It competes with the likes of Niyo and Razorpay, and is working to change the banking habits of India.