Jupiter, a Bangalore- and Mumbai-based neobank startup publicly launching next month, announced raising a $45 million Series B co-led by Nubank, Global Founders Capital, Sequoia Capital and Matrix Partners India, as first reported by the Economic Times.
The company says it will use the funding to help on-board about 100,000 users who have signed up for the platform’s launch, which will occur in about a month, according to TechCrunch.
The deal shows promise for the up-and-coming Indian neobank, considering the involvement by Nubank, which has quickly becoming the Latin American digital banking market leader.
Nubank raised a similar-sized Series B in 2015 and has since gone on to raise over $2 billion in 2018, 2019 and 2021 funding rounds. Every one of those rounds has been over $100 million, and their most recent Series G raising a whopping $750 million, co-led by Berkshire Hathaway and Sands Capital Ventures.
“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,” Nubank founder and CEO David Vélez told Economic Times.
Mirae Assets Ventures also participated in the round, alongside existing investors Addition Ventures, Tanglin VC, 3one4 Capital, Greyhound and Beenext. The funding follows the company’s $24 million seed round in late 2019 and $2 million venture round led by Hummingbird Ventures in 2020 and brings Jupiter’s total funding raised to $71 million.
Jupiter was founded in 2019 by Jitendra Gupta, former Founder of Indian payment solution provider Citrus Pay and managing director following its sale to Prosus’ PayU.
The company has created a number of products which will be available upon its upcoming platform launch and are intended to help improve the banking experience in India. These services include savings accounts, personalized tips and guides for financial wellness, simplified money management and BNPL-integration.
Jupiter is now valued at $300 million and hopes to follow in Nubank’s footsteps, to become a key disruptor in the Indian fintech market.
“Neobanks such as Jupiter are exactly what India needs: someone who can deliver simple, extensive and high-quality digital banking in a cost-efficient way,” chief executive of Mirae Asset Venture Investment’s India investments Ashish Dave told TechCrunch.