Jupiter is a neobank founded by Jitendra Gupta. The platform has now amassed funds worth $45 million in a new financing round. It will go public next month.
The funding round was led by Nubank, Global Founders Capital, Sequoia Capital, and Matrix Partners India. Other participants included Mirae Assets Venture, Addition ventures, Tanglin VC, 3one4 Capital, Greyhound, and Beenext. The valuation after the new round has reached $300 million. The total funds amount to $70 million.
Jupiter had launched its platform in India as a beta version in June to enhance the banking experience. It has also developed several products which include a savings account aiming at simplified financial management. It is a fully digital bank and offers ‘buy now, pay later’ on UPI.
David Velez, founder, and chief executive of Nubank said in a statement that “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 potential and are excited about joining them so early on their journey”.
Jupiter has an employee strength of over 120 people now and is extending it to 100,000 people before going public.
Many startups in India are building the banking experience on a better level. Even if you have no credit score, some of these startups will help you get a credit card and loan. But it will of course have some limitations.
Jitender Gupta said that “If you really want to change the banking industry, you cannot operate from the side. You have to fight from the centre, where they deposit their money. It’s a very time-consuming process and requires a lot of initial capital and experience with banks”.