- Neobanking platform Jupiter announced it raised $86 million in Series C funding. These are the details.
Jupiter — a neobanking platform that is owned and operated by Amica Financial Technologies Pvt Ltd — announced recently that it has raised $86 million in Series C funding co-led by Tiger Global Management and Sequoia Capital India at a valuation of $711 million. And QED Investors and existing investor Matrix Partners India participated in the funding round.
The company is planning to use the funding to enhance its technology platform and aims to add 2 million users by December 2022. And it plans to launch new-age banking products. Jupiter has onboard about 500,000 users since launching in July.
Jupiter had previously raised $50 million in Series B funding back in August. At that time, the company was valued at $290 million.
Jitendra Gupta, the founder and CEO of Jupiter, previously co-founded and sold payments company Citrus Pay to PayU for $130 million in 2016. Gupta then worked as the Managing Director at PayU India where he oversaw a buy-now-pay-later (BNPL) through PayU’s application LazyPay.
KEY QUOTES:
“We feel that we are in a very unique time wherein consumers are adopting technology faster than expected. Consumers are looking for a place where they can get better experience for their finances rather than just a plain vanilla banking app.”
— Jitendra Gupta, Founder, Chief Executive Officer, Jupiter
“We’re excited to back the Jupiter team as they build a next-gen consumer banking experience for India. We heard very positive feedback on Jupiter when we surveyed customers and we think they are just getting started.”
— Alex Cook, partner, Tiger Global
