neobank b2b india with goo investment…

neobank b2b india with goo investment… post thumbnail image

The deal is worth $10 million.

India Open business Neobank has acquired retail banking platform Finin, TechCrunch said, citing the company. The purchase price is 10 million dollars.

  • Payments will be made in cash and shares, the company said. Key employee and founder of Finin Suma Gandham will work at the neobank, the portal reports.

  • Fintech startup Finin launched its digital banking platform in 2019. A mobile app that uses artificial intelligence technology helps users save money, control spending on multiple cards, and invest in stock funds. Last year, the startup raised $1 million in seed funding from Unicorn India Ventures.

  • Open neobank opened in 2017. Its platform helps small and medium-sized businesses complete banking, payment transactions, bookkeeping, and manage spending and taxation. Indian fintech startups are also providing traditional banking infrastructure to launch digital banks. More than 2 million companies and more than 14 credit institutions in India and Southeast Asia have become Neobank’s clients.

  • In October, neobank raised $100 million from a group of investors led by Temasek and with the participation of the company Google. Open officially does not have a banking license and works closely with financial partners, including Indian bank ICICI, Kotak bank and National Payment Corporation of India (NPCI).

“Finin will complement our services for banking. Now we will help banks launch non-banking retail services,” Open co-founder Anish Akhutan told TechCrunch.

  • Neobank itself has no plans to launch retail digital banking, the head of Open said.

  • Open business clients will be able to open payroll accounts for employees on the Finin platform, says fintech startup founder Gandham.

Read also: Indian fintech startup FloBiz raises $31 million to develop its neobank.

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