new delhi india on monday welcomed its 100th unicorn which is bengalurubased neobank platform open that raised fresh funds as part of its series d round taking its valuation to 1 billionthe new round was led by mumbaibased investment firm iifl and existing investors tiger global temasek and 3one4 capital also participated in the round the company said in a statementwe see a lot of synergies with iifl especially on leveraging the lending book as we are getting ready to launch innovative products like revenuebased financing early settlement working capital loan and business credit cards to smes on our platform said anish achuthan cofounder and chief executive of openthe neobank platform is being used by more than 20 lakh businesses in the country and it processes over 30 billion worth transactions every yearaccording to the bengalurubased management consulting firm redseer the 31 billion fintech market in india is set for a disruption with the emergence of neobanksneobanks are bridging the gap between the services that traditional banks offer and the evolving expectations of customers in the digital ageopen which has raised about 187 million to date is aiming to unveil three new products revenuebased financing flo early settlement card offering settl and working capital lending capital soonthe neobank platform startup is aiming to disburse 1 billion through its new productsas the third largest fintech ecosystem in the world after the us and china the indian fintech market is poised for further disruption with the emergence of neobanksoverall indian startups raised more than 10 billion during the first quarter of 2022 up from 57 billion in the same period in 2021 according to data from venture intelligencethe januarymarch quarter also saw as many as 14 startups becoming unicorns