Home Tech ETtech Exclusive: Amazon, Google and Visa are ‘Open’ to neo-banking

ETtech Exclusive: Amazon, Google and Visa are ‘Open’ to neo-banking

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Amazon, Google and card network major Visa are separately eyeing a stake in neo-banking startup Open, which is looking to raise a new round of funding of about $100-$120 million, two people aware of the matter said. If successful, Open’s valuation is likely to jump three times to around $600-700 million post the funding round, the sources said.

Even as negotiations with the global technology majors like Amazon and Google are underway, Open is also in talks with a leading sovereign wealth fund as well as private equity firm TPG as they look to participate in the funding round that could be oversubscribed, sources said.

“Visa is already a partner for Open and is in talks to participate in this round alongside Amazon and Google. The sovereign wealth fund may end up leading the new round,” one of the people mentioned above said. “There won’t be a conflict between Amazon and Google to invest together since neither of them are investing for a…

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