Indian neobank Jupiter have raised $86M to improve credit and economic management services

Jitendra Gopta, an industry veteran, has raised $86 million for his consumer-focused Neobank Jupiter. The new round of financing will allow the Bangalore-based startup to expand its offerings in wealth management and lending.

Gupta revealed that Sequoia Capital India, QED, and Tiger Global co-led the Series C round of the two-year-old startup’s Series B funding. The startup’s new round is valued at $711million, an increase of about $300 millions in August Series B funding.

MUFG Bank, Japan’s largest bank, invested in the round. This was its first fintech backing in South Asia. Mirae Asset and 3one4 Capital, existing investors, also participated in this round.

Jupiter was launched in beta in June of this year. It has become India’s leading “100% digital banking” platform. Gupta said that the startup has “just under half a million users”. He said that more than 65% of the users on the platform actively transact each month.

We are more than doubling our monthly transaction volume. Gupta, who was previously the co-founder of CitrusPay, a fintech startup acquired by PayU, stated that we should finish this month with transactions worth more than $60 million.

Many startups are trying to improve India’s banking experience. There are many firms that can provide credit cards and loans for anyone, no matter what age, whether you’re a teenager, a recent graduate of college, or a working professional. Most of these services have some kind of ceiling.

This fintech veteran is using a wider approach to win customers, adding “delight” into the banking experience. It seems that this strategy is paying off. Jupiter offers customers both a bank account and a debit card. Its monthly burn is less that $1 million.

Neobanks have made significant gains in many markets by reducing friction and offering additional offerings. Jefferies analysts wrote earlier this month that the top 20 neobanks have around 180 million customers. They wrote that while this number may seem small, it is increasing rapidly.

Gupta stated that the startup has $145 million in its bank. It has not deployed any capital it raised in its previous round, which ballooned to $50 millions. It has not even tapped half the $25 million it raised in Series A two years ago.

Jupiter employs around 300 people. He stated that Jupiter is now focusing its efforts on creating new services for customers. The startup will offer customers a lending option by April. It will also launch investment products next year.

“We have enough capital to use. He stated that he was confident of reaching at least 2,000,000 users by the end next year.

Leave a Reply

Your email address will not be published. Required fields are marked *