Neo-banking start-up Open raises Rs 210 cr from Tiger Global, others

Plans to use funding to scale up team, launch more products and value-added services, expand reach to one mn SMEs in next one year

Fintech firm Open, which offers a business banking service for small and medium enterprises and start-ups, has raised Rs 210 crore in a series B funding round led by Tiger Global Management. The financing round saw participation from Tanglin Venture Partners Advisors as well as existing investors 3one4 Capital, Speedinvest and BetterCapital AngelList Syndicate.

Open plans to use the funding to scale up the team, launch more products and value-added services and expand its reach to 1 million SMEs in the next one year. Open said it is introducing two new products to enhance its business banking proposition; the Open+ card,