The company was last valued at $500M in September 2021. Here are the top-line bullets you need to know.
Open, a digital bank, has raised $50M in a Series D. The round drew participation from Tiger Global Management, IIFL, and Temasek, among others.
HOW’S THE COMPANY PERFORMING?
- India-based Open offers neobanking services, such as accounting, expense management, banking, and payments, to SMEs and startups.
- In the past 12 months, the platform increased the size of its customer base to 2.3M.
- The company has partnered with Kotak Mahindra Bank, Yes Bank, and Axis Bank, among others.
- Open is backed by a team of 500 people.
Source: Open
WHY DOES THE MARKET MATTER?
- The global digital banking market is expected to reach a value of $1.61T by 2027, growing at a CAGR of 8.9%, according to Research Dive.
- 3.6B individuals — roughly 1 out of every 2 adults — will use digital banking services across mobile and desktop platforms by 2024, according to Juniper Research.
- Worldwide adoption of smartphones and the internet has also increased mobile or digital banking platform usage.
- Global shutdowns and branch closures amid the Covid-19 pandemic also spurred the adoption of digital banking.
Want to see more research? Join a demo of the CB Insights platform.
If you’re already a customer, log in here.
