India-based challenger bank Jupiter has reportedly secured $2m in funding as it prepares to launch its services in July.
The investment was led by Hummingbird Ventures and Bedrock Capital, according to a report from the Economic Times. With the close of the round, the FinTech is valued at $100m, increasing by $30m since November 2019, the article reports.
This investments comes just months after Jupiter closed its seed round on $24m. The round was backed by venture firms Sequoia Capital, 3one4 Capital, Matrix Partners and Beenext.
Jupiter is currently in stealth, but is planning to launch its services publicly in July. Signup is available for the first 1,000 members.
The challenger bank is a mobile-based bank which helps customers better track their money and spending habits so they can look to make savings.
An automated savings tools is also available which will automatically set aside money each month which it will put into savings. A user can also access small loans, which have flexible repayment terms.
Finally, the Jupiter debit card gives the user rewards and deals each time they use it to pay for items.
India has established a very strong FinTech sector, with more than $18.6bn was invested into the space since 2015. The sector has seen a compound annual growth rate of 19.1% for FinTech investments between 2015 and 2019.
Here is a list of five of the biggest investments into Indian FinTech companies this year.
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