Neobank Jupiter eyes $100 million funding from QED Investors & Sequoia Capital India
Neobank Jupiter is in talks with US-based venture fund QED Investors to co-lead a fresh $100 million funding round with its existing backer Sequoia Capital India. Tiger Global, based in New York, is in talks with Jupiter to participate in the investment round. Tiger Global is one of India's most aggressive venture investors. Jupiter's value will more than double to roughly $700 million if the sale goes through, according to sources.
Jupiter, founded by Jitendra Gupta — who previously founded Citrus Pay and then sold it to Prosus fintech arm PayU — has closed a $45 million fundraising round led by Brazil's neobank NuBank and others.
QED Investors is a fintech focused investor formed by Nigel Morris, who is also the creator of Capital One Financial Services. It recently announced the completion of two funds with a combined capital of more than $1 billion to back entrepreneurs at all stages in the US and around the world. It has invested in a number of major fintech companies, including Nubank, SoFi, and Klarna. QED has supported Refyne, a wage app in India. After a few months in testing, Jupiter is expanding its digital savings bank account and other offers to young professionals. It has now made its platform available to all users via invites.
“QED and Sequoia are likely to lead the new round, while the conversation with Tiger Global is underway. There is a lot of interest in the consumer-facing neo banks offering digital savings bank accounts and financial guidance on saving, loans etc,” a person aware of the matter said.
Jupiter's beta was introduced in June of this year, and within the first two weeks of its release, it received over 1.5 lakh requests for early access from consumers. Jupiter, which is run by Gupta, is now hoping to sign up one million users by the end of the year.
Jupiter claimed in a statement this week that over 3,000 new users had joined the platform in the last month, with deposits totaling more than Rs 100 crore.
Neobanks such as Jupiter and Fi collaborate with a bank to support the core savings account, and then these platforms offer their own services to technologically aware customers. Jupiter, for example, uses Money Pots to encourage users to save money, plan a trip, or purchase items. Jupiter has teamed up with Federal Bank and Visa to offer zero-balance savings and debit cards.
Jupiter, founded by Jitendra Gupta — who previously founded Citrus Pay and then sold it to Prosus fintech arm PayU — has closed a $45 million fundraising round led by Brazil's neobank NuBank and others.
QED Investors is a fintech focused investor formed by Nigel Morris, who is also the creator of Capital One Financial Services. It recently announced the completion of two funds with a combined capital of more than $1 billion to back entrepreneurs at all stages in the US and around the world. It has invested in a number of major fintech companies, including Nubank, SoFi, and Klarna. QED has supported Refyne, a wage app in India. After a few months in testing, Jupiter is expanding its digital savings bank account and other offers to young professionals. It has now made its platform available to all users via invites.
“QED and Sequoia are likely to lead the new round, while the conversation with Tiger Global is underway. There is a lot of interest in the consumer-facing neo banks offering digital savings bank accounts and financial guidance on saving, loans etc,” a person aware of the matter said.
Jupiter's beta was introduced in June of this year, and within the first two weeks of its release, it received over 1.5 lakh requests for early access from consumers. Jupiter, which is run by Gupta, is now hoping to sign up one million users by the end of the year.
Jupiter claimed in a statement this week that over 3,000 new users had joined the platform in the last month, with deposits totaling more than Rs 100 crore.
Neobanks such as Jupiter and Fi collaborate with a bank to support the core savings account, and then these platforms offer their own services to technologically aware customers. Jupiter, for example, uses Money Pots to encourage users to save money, plan a trip, or purchase items. Jupiter has teamed up with Federal Bank and Visa to offer zero-balance savings and debit cards.
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