Nubank & Others invests $45 million in Indian Neobank Jupiter
Jupiter, Jitendra Gupta's neobank for Indian consumers, has raised $45 million in a new funding round as the Bangalore and Mumbai-based startup prepares for the public launch of its platform in about a month.
The Series B financing round was co-led by Nubank of Brazil, Global Founders Capital, Sequoia Capital, and Matrix Partners India. Mirae Assets Venture also participated in the round, as did existing investors Addition Ventures, Tanglin VC, 3one4 Capital, Greyhound, and Beenext.
The new round values the two-year-old Indian startup, which has already raised $70 million, at more than $300 million.
Jupiter has created a neobank for Indian consumers. The startup, which launched its eponymous platform in beta in June, aims to make banking more enjoyable.
“We believe that a bank account should be a smart account, where it gives you insight, shares personalized tips and guides you through attaining some financial discipline,” said Gupta, co-founder, CitrusPay (sold to Naspers’ PayU) and served as managing director of PayU.
The startup has created a number of products, including a savings account that comes with features designed to make money management easier.
The platform, which bills itself as a “100% digital bank,” also allows users to buy now and pay later via UPI, a standard developed by a coalition of Indian banks that has become the most popular way for Indians to transact online.
“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,” said David Vélez, founder and chief executive of Nubank, in a statement.
In June of this year, the Brazilian conglomerate raised $750 million at a $30 billion valuation.
Gupta stated that the startup, which employs over 120 people, is currently working to onboard the 100,000 people on its waiting list. Jupiter will be available to the public in about a month, according to him.
The Series B financing round was co-led by Nubank of Brazil, Global Founders Capital, Sequoia Capital, and Matrix Partners India. Mirae Assets Venture also participated in the round, as did existing investors Addition Ventures, Tanglin VC, 3one4 Capital, Greyhound, and Beenext.
The new round values the two-year-old Indian startup, which has already raised $70 million, at more than $300 million.
Jupiter has created a neobank for Indian consumers. The startup, which launched its eponymous platform in beta in June, aims to make banking more enjoyable.
“We believe that a bank account should be a smart account, where it gives you insight, shares personalized tips and guides you through attaining some financial discipline,” said Gupta, co-founder, CitrusPay (sold to Naspers’ PayU) and served as managing director of PayU.
The startup has created a number of products, including a savings account that comes with features designed to make money management easier.
The platform, which bills itself as a “100% digital bank,” also allows users to buy now and pay later via UPI, a standard developed by a coalition of Indian banks that has become the most popular way for Indians to transact online.
“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,” said David Vélez, founder and chief executive of Nubank, in a statement.
In June of this year, the Brazilian conglomerate raised $750 million at a $30 billion valuation.
Gupta stated that the startup, which employs over 120 people, is currently working to onboard the 100,000 people on its waiting list. Jupiter will be available to the public in about a month, according to him.
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