According to persons familiar with the situation, Neobank Open has finalised a $50 million financing headed by IIFL Finance, with participation from current investors Temasek, Tiger Global, and 3one4 Capital.
With this, Open has officially joined the unicorn club, with a $1 billion valuation.
According to persons familiar with the plans, Open will leverage the extra funds and IIFL Finance’s strategic skills to build up a loan company in the future.
Open had raised $100 million in a capital round sponsored by Temasek, Singapore’s sovereign wealth fund, in October of last year. Strategic partners, such as Visa, the world’s largest payments network; Google, the world’s largest search engine; and Japan’s SBI investments, all participated in the round.
