India based Neobank startup Jupiter raised $86 million through its Series C fundraising round. The investment generated around the time startups all across the globe experienced a funding boom will be allocated to launching lending and wealth management services for their customers.
Jitendra Gupta’s two-year-old consumer-focused startup Jupiter was ushered by QED Investors and Sequoia Growth Capital India fund. Series C fundraiser also witnessed partake of Tiger Global and BEENEXT among others.
Jupiter brought out in the beta form in July, now offers its market-lending 100% digital banking services to half a million of its Indian users. Gupta revealed in the latest interview with MoneyControl that the current market valuation of Jupiter company stands at $710 million.
The $86million investment raised in the Series C fundraiser round for Jupiter was disclosed in regulatory filings, accessed via Tofler. The owner of neobank Jupiter is an industry veteran. He was previously the co-founder of CitrusPay, a fintech unit that was obtained by PayU.
Jupiter provides its digital-banking services all over India. It acquires around 5,000 users daily. You will be offered a digital bank account in Jupiter, as well as a bank debit card after joining. Banking experience has been made easy with digital neobanks such as Jupiter, and it is taking its fair share of the pie from the Indian market.
Neobanks like Jupiter are becoming rapidly popular across the globe and currently have 180 million clients worldwide. Customers are increasingly approaching Jupiter for a virtual banking experience to avoid friction that occurs while encountering real-world banks. The auxiliary layer of benefaction such as investment and lending features also acts as a plus to neobanks experience.
Gupta has big plans for startup neobank Jupiter. Currently, Jupiter operates with 300 employees and aims to add new services in the coming months. You can soon utilize a lending and investment feature, both of which will be added to Jupiter in the coming months.
Jupiter, along with Gupta, seems confident in the direction the company is headed towards. They project 2 million customers availing their digital-banking services by next year.