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Neobank open turns unicorn after $50mn funding led by IIFL

May 03, 2022

Neobank open turns unicorn after $50mn funding led by IIFL

Neobank Open has closed $50 million funding led by IIFL Finance along with participation from existing investors Temasek, Tiger Global, and 3one4 Capital participating in it, people briefed on the matter said.

With this, Open has now entered the unicorn club with a valuation of $1 billion.

ET had reported in December last year that the organization was looking to raise around $100-$150 million in this round however those talks didn’t fructify into a deal with the organization has now closed $50 million funding led by IIFL Finance.

When contacted, Anish Achuthan didn’t immediately respond ETtech.

Open, going forward, will use the new capital and IIFL Finance’s strategic expertise to build out a lending business, people aware of the plans said.

The round comes on the rear of Open bringing $100 million up in a financing round led by Singapore’s sovereign wealth fund, Temasek, in October, last year. The round additionally saw participation from strategic partners, payments network major Visa, search giant Google as well as Japan’s SBI investments.

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