Google has invested in Open, a Bangalore based neobank and became the latest high-profile investor to back a neobanking platform.

Open said it has raised $100 million in a Series C financing round led by Temasek. Existing investors included Tiger Global and 3one4 Capital who participated in the funding round.

“We are helping banks build their own new-age digital banking platforms,” said Anish Achuthan, founder and chief executive of Open.

“We realized that we have the infrastructure required to help other fintech businesses build their own card issuance and other digital bank services,” he said.

Open offers small and medium-sized businesses all the services of the bank with additional tools to serve the requirements of a business.

“The team at Open have combined deep domain expertise and product-focused rigor to deploy a full-stack solution that places SMEs at the center of a universe of innovation. This platform has set the standard for business banking and will take this full-stack approach into new adjacencies and geographies. We are excited to continue our partnership as Open scales into a global fintech innovation engine,” said Pranav Pai, Founding Partner and CIO at 3one4 Capital.

The growth of Open in recent years has dramatically changed the relationship between banks and fintechs.

“Neobanks are gaining prominence as platforms to digitise banking or bank-like services for millennials and SMEs. Top-4 global neobanks are worth $100 billion and Indian fintechs have made a start through likes of Open, Razorpay, Fi, and Jupiter,” wrote analysts at Jefferies in a report last month.

“In fact, many Indian fintechs plan to expand from 1-2 platforms now to neobank over 3-5 years. Incumbent banks/NBFCs are partnering with them. Monetisation is some time away, “they added.

Open has backed Indian startups Glance and DailyHunt.