Google has joined the Recruit Holdings-backed digital banking service’s series C round, which increased its overall funding to over $99m.

India-based neobank operator Open Financial Technologies has secured Rs 4.5bn ($62m) in series C funding from investors including internet technology provider Google, Entrackr has reported, citing a regulatory filing.

Temasek’s Arvon Investments unit filled out the participants in the round along with 3one4 Capital and Tiger Global Management.

Founded in 2017, Open operates a digital banking platform targeting small and medium-sized enterprises and startups. It offers business-to-business payment settlements as well as an integrated payment portal and automated accounting and expense management tools.

The company last secured equity funding in mid-2019 when it received $30m in a series B round led by Tiger Global and backed by Tanglin Venture Partners Advisors, 3one4 Capital, Speedinvest and BetterCapital’s AngelList syndicate.

Beenext, Speedinvest and 3one4 Capital had co-led Open’s $5m series A round for the company four months before, investing alongside Unicorn India Ventures and AngelList Syndicate.

Human resources firm Recruit Holdings’ RSP India Fund joined Unicorn India Ventures to co-lead a $2m pre-series A round for Open in 2018 that included contributions from returning backers ISME-ACE and AngelList.

Open’s earliest funding was a $250,000 seed round featuring Amrish Rau, Jitendra Gupta, Apremaya Radhakrishnan, Chiranth Patil and Archana Priyadarshini the previous year.

Edison Fu

Edison Fu is head of Asia development at Global Corporate Venturing.