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Finin, a consumer neo banking company located in Bangalore and sponsored by Google, has been purchased by Open for $10 million as the Bangalore-based, Google-funded business-focused neo banking platform moves to expand its services and strengthen connections with banks.

According to the two, the purchase includes both cash and shares. Finin is one of India’s first consumer-focused neo banking firms, having launched in 2019. Key leaders from the business, which funded around $1 million from Unicorn India Ventures and others, will join Open, including founder and CEO Suman Gandham.

In an interview with TechCrunch, Anish Achuthan, co-founder and CEO of Open, said that the purchase of Finin complements Open’s larger services.

Open offers an SME banking platform and also provides banks with the infrastructure to create their own digital banks, thanks to recent funding from Google and Temasek. Open’s infrastructure is now used by over a dozen banks to provide banking services. Open has agreements in place with 14 banks in India and a few more in Southeast Asia.

Finin has a savings account where customers may save and invest their money.

“Finin adds value to our bank services.” He said, “We will now assist banks in launching their own consumer-focused neo banking solutions under their own brand identities.” “Many banks are considering launching their own contemporary platforms.”

According to him, Open will continue to focus on its corporate products to banks and will not be launching a consumer-focused neo-banking service. He stated, “Direct-to-consumer is not in our DNA.” “However, some B2C functions may be supplemented as part of our SME products, such as payroll administration.”

“I told my team when we originally established Finin that we would create an impact in the fintech business and show Indian customers what neo-banking can actually accomplish for them,” Gandham said in a statement.

“Now that we’ve been acquired by Open, I’m certain we’re on our way to achieving that goal.” We will be able to add a lot of value to Open’s SMEs wanting to open salary accounts for employees, expose consumer banking rails to fintech using Open’s embedded finance platform Zwitch, and also add value to banks wanting to launch digital banking propositions using Open’s cloud-native digital banking OS BankingStack.”

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