Fintech player Open raises Rs 210 cr in fresh funding

Fintech platform Open has raised Rs 210 crore in a new round of funding led by Tiger Global Management and existing investors. The Bengaluru-based company will use the funds for scaling up its team and launch more products, it said Tuesday.

Apart from Tiger, existing investors 3one4 Capital, Speedinvest and Better capital Angellist Syndicate also participated in the round, an official statement said, without giving any details on enterprise valuations. The two-year-old company helps small businesses with financing and is targeting to expand its reach to serving 1 million SMEs in the next year, the statement said, adding it has already served 1 lakh SMEs and processed Rs 35,000 crore of transactions till now.

"This funding will help us accelerate our target of simplifying business banking for more than 1 million businesses at a greater pace and also launching new products like the Open+ card and Layer that will enhance our value proposition for small businesses," chief executive Anish Achuthan said.