Visa closes $5 million investment as part of Open's Series C fundraise

Payments technology and card company Visa has closed its investment of $5 million in Open which was part of the neobank's $100 million Series C fundraise, said sources aware of the development.

On October 12, Open had said that it raised $100 million led by Temasek and with participation from Google and Japan's SBI Investment.

The round which valued Open at $500 million also saw investment from existing investors Tiger Global and 3one4 Capital. The round also marked Google's fourth investment in the Indian startup space after Glance and DailyHunt in December 2020, followed by the acquisition of social commerce player Simsim through YouTube this year.

Founded in 2017 by Anish Achutan, Ajeesh Achutan, Mabel Chacko, and Deena Jacob, Open focusses on small and medium-sized businesses by offering them a business current account. The account includes services like digital banking, payments, invoicing, and automated bookkeeping services.

The startup had said that it will use the funding to accelerate its new product lines, expand its user base and foray into global markets like South East Asia, Europe, and the US.