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Neobanking startup Jupiter receives wallet license from RBI

Sumit Vishwakarma
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Jupiter receives wallet license from RBI

Bengaluru-based neobanking startup Jupiter has secured a prepaid payments instrument (PPI) licence from the Reserve Bank of India (RBI).

The licence will enable the startup to offer digital wallets to its users, allowing them to make UPI payments, transfer funds, and pay bills.

Introducing prepaid account facility

With the PPI licence, Jupiter can introduce a prepaid account facility. Founder Jitendra Gupta confirmed that this new service will be available in the coming months.


“PPI functionality today is almost equal to a bank account and has all the required facilities for a user to operate the account for UPI payments and gift cards,” said Gupta. “We can now onboard a wider range of users into our ecosystem who can use the wallet for their small value daily transactions.”

Once fully KYC-compliant, PPI accounts can perform activities nearly identical to bank accounts, including UPI payments.

 Customers can operate a risk-free account and use the app for UPI and similar transactions. This licence also allows Jupiter to develop new features for its app, which currently offers digital savings accounts, UPI payments, and financial management tools.

Jupiter financial performance

Jupiter has raised $165 million across various equity funding rounds and was valued at $654 million as of June 2023, according to data platform Tracxn.

It was last valued at around $710 million during an $86 million Series C round in December 2021. The company has raised over $160 million in total funding, including a $12 million debt round in January 2023.

The fintech startup registered Rs 48.86 crore in operating revenue in FY23, up from Rs 18.85 crore in FY22. However, its losses have also increased, surging to Rs 327 crore from Rs 163.94 crore during the same period.


Jupiter competes with other neobanking platforms such as Niyo, Slice, and Fi (formerly epiFi). Slice, also backed by Tiger Global, received its PPI licence last September.

Jupiter's founder, Jitendra Gupta, has secured two major licences for the company, including the non-banking finance company (NBFC) licence last year. This allows Jupiter to conduct lending operations through Amica Finance, a separate entity.

In 2024, other fintech platforms like Mufin, Nium, and Revolut also received approval from RBI for the PPI wallet licence, while foodtech major Zomato voluntarily surrendered its payment aggregator and wallet licence.