Industry veteran Jitendra Gupta’s neobank for consumers in India has raised $45 million in a new financing round as the Bangalore and Mumbai-based startup gears up for Jupiter’s public launch in about a month.
The new financing round, a Series B, was co-led by Brazil-based Nubank, Global Founders Capital, Sequoia Capital and Matrix Partners. Mirae Assets Venture also joined the round and existing investors including Addition Ventures, Tanglin VC, Greyhound, 314 Capital and Beenext, also participated.
The new round values the two-year-old Indian startup, which has raised $70 million to date, at over $300 million.
Jupiter has built a neobank for consumers in India. The startup, which launched its eponymous platform in beta in June, is attempting to bring “delight” to the banking experience.
“We believe that a bank account should be a smart account, where it gives you insight, shares personalized tips and guides you through attaining some financial discipline,” said Gupta — who co-founded CitrusPay (sold to Naspers’ PayU) and served as managing director of PayU — in a recent interview with TechCrunch.
The startup, which employs over 110 people, has developed a number of products including a savings account bundled with features that aim to simplify money management.
The platform, which positions itself as a “100% digital bank” also offers the ability to buy now and pay later on UPI, a standard developed by a coalition of banks in India that has become the most popular way people in the country transact online.
“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,” said David Vélez, founder and chief executive of Nubank, in a statement.
In an interaction Thursday, Gupta said the startup is currently working to on-board the 100,000 people who have signed up to the waiting list. After this, in about a month, he said Jupiter will launch to the public.
More to follow…
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