ENA MSME 2022-05-04 08:20:43 <p><strong>Bengaluru, May 4 (KNN)</strong> Open Financial Technologies has become the 100th startup to enter the unicorn club and has announced a joint venture (JV) with Non Banking financial company IIFL Finance Ltd to launch a neobank for MSMEs. </p> <p>The name of the JV would be IIFL Open Fintech Private Limited and the composition between IIFL Finance and Open is 51:49 with initial capital of Rs 120 crore. </p> <p><strong><a href="https://news.google.com/publications/CAAqBwgKMJSHqwswkZLDAw/sections/CAQifkNCSVNXRG9pWjJGeVlXMXZibVJmY0hWaWJHbHphR1Z5WDNObFkzUnBiMjVmWldScGRHbHZia0lhWjJGeVlXMXZibVJmY0hWaWJHbHphR1Z5WDNObFkzUnBiMjV5RmdvVUNoSkhRVkpCVFU5T1JGOUdWVXhNWDA1QlRVVW9BQSoQCAAqBwgKMJSHqwswkZLDA1AB?ceid=IN:en&amp;oc=3"><img alt="FOLLOW US on GOOGLE NEWS" src="https://knnindia.co.in//uploads/gallery/GoogleNews.jpg" style="border-style:solid; border-width:1px; height:95px; margin:1px; width:299px" /></a></strong></p> <p>The JV is expected to be a profitable fintech in the first year itself with 1 million customer mark reached within a years time and USD 2 billion lending book is likely to be created in 2 years.</p> <p>Commenting on the JV, Nirmal Jain, Founder, IIFL Group and MD, IIFL Finance said, The neo-banking that this JV proposes to offer, will meet requirements of both sides and drive financial inclusion and economic growth for MSMEs at bottom of the pyramid.</p> <p>Anish Achuthan, Co-founder and CEO, Open said, The JV can add a lot of synergies to Open as we are getting ready to launch innovative products like revenue-based financing, early settlement, working capital loans and business credit cards on the Open Money platform. <em><strong>(KNN Bureau)</strong></em></p> 29083 https://knnindia.co.in/news/newsdetails/msme/open-financial-technologies-enters-unicorn-club-launches-neobank-for-msmes 2022-05-04 08:20:43 knnindia.co.in