Neobank Jupiter raises USD 86 million in Series C led by Tiger Global & Others
In a Series C round, Jitendra Gupta’s neobank Jupiter has raised about USD 86 million led by Tiger Global, QED and Sequoia Capital.
Up from about USD 300 million in August Series B funding, the new round values the startup at USD 711 million. Making its debut fintech backing in the South Asian market, MUFG Bank, Japan’s largest bank, also invested in the new round. The round also saw participation from existing investors 3one4 Capital and Mirae Asset.
The startup has amassed “just short of half a million users,” said Gupta. More than 65 per cent of this user base actively transacts on the platform each month, he said.
“We are more than doubling transaction volume each month. We should end this month at over USD 60 million worth of transactions,” said Gupta.
Jupiter is adding about 5,000 users each day and its burn is less than USD 1 million a month, apart from offering its customers a banking account as well as a debit card.
The top 20 neobanks globally have about 180 million customers, analysts at Jefferies wrote in a note earlier this month. This figure “may appear small overall, but the number is growing fast,” they wrote.
Gupta said that the startup now has more than USD 145 million in its bank. It has yet to deploy any capital it raised from its previous round-which eventually ballooned to USD 50 million. He said Jupiter, which employs about 300 people, is focusing on developing new services for its customers. “We have sufficient capital to use. We are confident to reach at least 2 million users by the end of the next year,” he said.
Up from about USD 300 million in August Series B funding, the new round values the startup at USD 711 million. Making its debut fintech backing in the South Asian market, MUFG Bank, Japan’s largest bank, also invested in the new round. The round also saw participation from existing investors 3one4 Capital and Mirae Asset.
The startup has amassed “just short of half a million users,” said Gupta. More than 65 per cent of this user base actively transacts on the platform each month, he said.
“We are more than doubling transaction volume each month. We should end this month at over USD 60 million worth of transactions,” said Gupta.
Jupiter is adding about 5,000 users each day and its burn is less than USD 1 million a month, apart from offering its customers a banking account as well as a debit card.
The top 20 neobanks globally have about 180 million customers, analysts at Jefferies wrote in a note earlier this month. This figure “may appear small overall, but the number is growing fast,” they wrote.
Gupta said that the startup now has more than USD 145 million in its bank. It has yet to deploy any capital it raised from its previous round-which eventually ballooned to USD 50 million. He said Jupiter, which employs about 300 people, is focusing on developing new services for its customers. “We have sufficient capital to use. We are confident to reach at least 2 million users by the end of the next year,” he said.
