TVS Capital Funds will soon lead a funding round of Neobank Open which will value the company at over $1 billion, making it a unicorn. The round will also see participation from existing investors and is a combination of primary and secondary fundraising. The previous round valued Open at $500 million, and the current round will double the company’s valuation. The startup’s other investors are Tiger Global, 3one4 Capital, BEENEXT, Speedinvest, AngelList, Tanglin Venture Partners, Unicorn India Ventures and Recruit. For TVS Capital Funds, this is the third funding investment after Digit Insurance and enterprise debt marketplace CredAvenue.

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Open provides business banking solutions for Small and Medium Enterprises (SME). Its products include current account, credit, payroll, invoicing, cash management services, among others, to SMEs, startups and freelancers. As per the startup’s latest financial filings for the financial year 2020 (FY20), the company had reported a loss of Rs 42 Crores, with revenues at Rs 8.61 Crores.