Internet technology provider Google has participated in a $100m series C round for India-based neobank Open Financial Technologies, the Economic Times reported yesterday, citing a person familiar with the matter.
The round included financial services firm SBI Group’s SBI Investment subsidiary. It was led by the Singaporean government-owned Temasek while Tiger Global Management and 3one4 Capital also participated.
The deal was initially reported last month to be sized at $62m and backed by Google, Temasek, 3one4 Capital and Tiger Global. Investors including payment processor Visa are in talks to invest in the company through a new round, according to another source privy to the development.
Founded in 2017, Open has built digital banking software designed for enterprise users running startups and small and medium-sized companies, focusing on areas including business-to-business transactions as well as accounting and payroll automation.
The company has secured $137m in total and was valued at $500m post-money in the round. It had completed a $30m series B round in mid-2019 led by Tiger Global that also featured Tanglin Venture Partners Advisors, 3one4 Capital, Speedinvest and BetterCapital’s AngelList syndicate.
Open had previously raised $5m in a series A round earlier the same year co-led by Beenext, Speedinvest and 3one4 Capital and backed by Unicorn India Ventures and AngelList Syndicate.
Recruitment group Recruit Holdings’ RSP India Fund and Unicorn India Ventures co-led a $2m pre-series A round for the company the previous year featuring existing investors ISME-ACE and AngelList.
The company’s $250,000 seed round in 2017 included Amrish Rau, Jitendra Gupta, Apremaya Radhakrishnan, Chiranth Patil and Archana Priyadarshini.
