 "M&A, mergers & acquisitions, merger, partnerships, Joint venture, JV")
Non Banking financial company IIFL Finance Ltd and Open Financial Technologies, Asia’s largest SME focused neo-banking platform today announced a joint venture (JV) to launch India’s first neobank that would cater to banking and credit requirements of Micro and Small Enterprises (MSMEs).
Initial capital of the joint venture company will be Rs 120 crore. The JV composition between IIFL Finance and Open is 51:49. The name of the joint venture would be IIFL Open Fintech Private Limited.
On Monday, Open became the 100th unicorn as IIFL led a $50 million series D funding along with existing investors Temasek, Tiger Global
