Neobank Open Acquires Finin for $10 Million to Bolster Embedded Finance

In December 2021, Indian neobank Open, backed by Google, acquired consumer-facing fintech Finin for approximately $10 million. The acquisition is strategically aimed at bolstering Open's Zwitch embedded finance platform, which provides banking-as-a-service APIs to other businesses. Finin, a consumer neobanking app, brings consumer-facing product expertise and technology that complements Open's existing strength in SME banking services.

By integrating Finin's capabilities, Open aims to expand the range of embedded financial products available through Zwitch, potentially including consumer savings, budgeting, and account management features. The deal reflects the growing trend of neobanks acquiring complementary fintechs to build out their BaaS and embedded finance infrastructure. Open's Zwitch platform enables third-party companies to embed banking services into their own applications, and the Finin acquisition adds depth to this offering.

The transaction underscores the competitive dynamics in the Indian embedded finance market.