Bengaluru and Mumbai-based Neobanking startup Jupiter today announced it has raised $45 million (about Rs 333 crore) in a Series B funding round at a valuation of $300 million.
The funding round was co-led by both global and domestic investors, including Brazil-based Nubank, Global Founders Capital, Sequoia Capital India, and Matrix Partners India. Mirae Assets Venture. Existing investors, including Addition Ventures, Tanglin VC, Greyhound, 314 Capital, and BEENEXT, also participated in the round.
Following the current round, Jupiter's total funding amount now stands at over $65 million in its funding rounds, acc. to CrunchBase.
Speaking on the development, David Vélez, founder and chief executive of Nubank, said:
“Nubank and Jupiter share the mission of making banking the best experience possible for our customers, putting an end to all the bureaucracy and the pain in the current system. The Indian and Brazilian markets have many similarities and through this investment, we aim to support Jupiter in their growth path. We see a lot of potentials and are excited about joining them so early on their journey."
Founded in 2019 by industry veteran Jitendra Gupta, who also co-founded Citruspay, a leading digital payments company in India that was later sold to Naspers in 2016 for US$130 million.
Jupiter is an online banking platform that aims to fix what’s broken in the traditional banking system through a customer-obsessed mentality and continuous innovation. The startup has developed a number of financial products such as a savings account bundled with features that aim to simplify user money management. It also allows users to avail buy now and pay later on UPI.
Currently, Their application is in beta mode and has around 100,000+ users who have signed up to the waitlist and will be launched for the general public in the next few weeks, the startup said.
“Neobanks like Jupiter are exactly what India needs: someone who can deliver simple, extensive, and high-quality digital banking in a cost-efficient way, Ashish Dave, CEO of Mirae Asset Venture Investments (India) said. Banking needs to meet customers where they are, and serve them in the most intuitive manner possible. Jiten and his stellar tech team have built just that, on top of the existing banking stack," he adds.