India-based neobank operator Open Financial Technologies has secured Rs 4.5bn ($62m) in series C funding from investors including internet technology provider Google, Entrackr has reported, citing a regulatory filing.
Temasek’s Arvon Investments unit filled out the participants in the round along with 3one4 Capital and Tiger Global Management.
Founded in 2017, Open operates a digital banking platform targeting small and medium-sized enterprises and startups. It offers business-to-business payment settlements as well as an integrated payment portal and automated accounting and expense management tools.
The company last secured equity funding in mid-2019 when it received $30m in a series B round led by Tiger Global and backed by Tanglin Venture Partners Advisors, 3one4 Capital, Speedinvest and BetterCapital’s AngelList syndicate.
Beenext, Speedinvest and 3one4 Capital had co-led Open’s $5m series A round for the company four months before, investing alongside Unicorn India Ventures and AngelList Syndicate.
Human resources firm Recruit Holdings’ RSP India Fund joined Unicorn India Ventures to co-lead a $2m pre-series A round for Open in 2018 that included contributions from returning backers ISME-ACE and AngelList.
Open’s earliest funding was a $250,000 seed round featuring Amrish Rau, Jitendra Gupta, Apremaya Radhakrishnan, Chiranth Patil and Archana Priyadarshini the previous year.
