Jupiter to deploy new suite of services with $86 million funding

Indian neobank, Jupiter has recently announced raising nearly $86 million in a fresh financing round, allowing the startup to add lending and wealth management services to its portfolio.

Reportedly, the Series C round led by QED, Sequoia Capital India and Tiger Global, escalated the valuation of the two-year-old start up from $300 million during the August Series B funding to $711 million now.

Another investor in the new round was MUFG Bank, largest bank of Japan, marking its first fintech banking in the South Asian market. Besides, other existing investors such as Mirae Asset and 3one4 also participated in the funding round.

Established this year in beta, Jupiter has emerged as a market-leading 100% digital Indian bank and secured user engagement just below half a million users, according to Jitendra Gupta, industry veteran, with a user base of 65% active transactions on the platform every month.

Mr. Gupta, who earlier co-founded CitrusPay, quoted that the company is amplifying transaction volume each month with an estimated $60 million worth of transactions at the end of this month.

Apparently, performance of Indian startups are enhancing the overall banking experience in the country.

Today, banking firms provide classified help with loan and credit card to a wide range of customers, including teenagers, graduates, working professionals and even individuals without a credit score.

Even so, majority of the services provided right now have a particular ceiling limit.

Speculations have it that the fintech veteran is opting for a comprehensive approach to entice customers while the company continues to offer both banking account and debit card, further adding 5,000 users every day and reducing burnout less than $1 million per month.

Troubleshooting the critical concerns of customers such as frictions addressed while engaging with their banks alongside an additional set of offerings have allowed neobanks to find in roads in various markets in recent years.

Source Credit: https://techcrunch.com/2021/12/27/indian-neobank-jupiter-raises-86-million-to-launch-lending-and-wealth-management-services/