IIFL Finance and Open Financial Technologies formed a joint venture.

IIFL Finance, a finance & investment services company, and Open Financial Technologies, a neobanking platform, formed a joint venture. Financial terms were not disclosed. “We are excited to announce this joint venture which can genuinely transform banking and borrowing experience of millions of MSMEs. The unfulfilled credit need for such customers is estimated to be Rs 37tn. What these MSMEs need is simplified banking and what banks need is verified transaction and business data. The neo-banking that this JV proposes to offer, will meet requirements of both sides and drive financial inclusion and economic growth at bottom of the pyramid,” Nirmal Jain, IIFL Finance Managing Director.