Open Acquires Consumer Neo-Banking Platform Finin For $10 Million
The acquisition will empower banks and financial institutions to launch digital banking services
Open, Asia’s fastest-growing SME neo-banking platform, has acquired Finin for $10 million in a cash-and-stock deal.
Finin was the first consumer neo-banking platform to be launched in India in 2019. The acquisition will strengthen Open’s Cloud-native financial OS BankingStack and empower banks and financial institutions to launch and complement digital banking services. It will further enhance the no-code embedded finance platform Zwitch and will also empower SMEs using the Open SME neo-banking platform to offer salary accounts for employees along with the integrated payroll module, said a statement.
“The acquisition of Finin adds strategic value to Open’s offering in the Cloud-native enterprise banking and embedded finance space. Today, Open powers over 15 banks in India and two banks in southeast Asia mostly in the business banking space. With the addition of Finin, Open will be able to offer holistic business and consumer banking propositions to banks that are looking to enhance the digital banking experiences for its customers,” said Anish Achuthan, co-founder and CEO, Open Financial Technologies.
“When we first launched Finin, I promised my squad that we would make a hallmark in the fintech industry and show Indian consumers what neo-banking can really do for them. Now with the acquisition by Open, I am absolutely convinced that we are reaching that goal. The outcome of a consumer-facing neo-banking platform working hand-in-hand with a B2B neo-banking platform is going to be exemplary," said Suman Gandham, co-founder and CEO of Finin.
Founded in 2017, Open offers a neo-banking platform that brings together all the tools used by small businesses and integrates it with the business current account. The Open platform today powers close to 2 million SMEs and processes over $24 billion in annualized transactions. The platform also adds over 100,000 SMEs every month, making it the fastest growing SME-focused neo-banking platform globally, added the statement.