IIFL Finance, Open Financial join hands to launch neobank for MSMEs
NBFC company IIFL Finance Ltd. and Open Financial Technologies Private Ltd., Asia’s largest SME focused neo-banking platform today announced a joint venture to launch India’s first neobank to cater to banking and credit requirements of Micro and Small Enterprises (MSMEs).
As part of the arrangement, the initial capital of the joint venture company will be Rs.120 crore. The JV composition between IIFL Finance and Open is 51:49. The name of the joint venture would be IIFL Open Fintech Private limited.