Neobank Jupiter raised $45m in a new financing round as the startup gears up for its platform’s public launch in about a month.
The new financing round, a Series B, was co-led by Brazil-based Nubank, Global Founders Capital, Sequoia Capital and Matrix Partners India. Mirae Assets Venture along with existing investors including Addition Ventures, Tanglin VC, 3one4 Capital, Greyhound and Beenext also participated.
Founded by industry veteran who co-founded CitrusPay – sold to Naspers’ PayU – and served as managing director of PayU Jitendra Gupta, the startup raised over $25m in seed funding from Sequoia Capital, Matrix Partners, 3One4 Capital, Tanglin Venture Partners and other prominent investors. The new round values the two-year-old Indian startup, which has raised $70m to date, at over $300m.
The startup has developed a number of products including a savings account bundled with features that aim to simplify money management. The platform offers the ability to buy now and pay later on UPI, a standard developed by a coalition of banks in India that has become the most popular way people in the country transact online.
Commenting on the round, founder of Nubank – which raised $750m in June this year at a valuation of $30bn – David Vélez said, “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
Jupiter is among several Indian fintech startups—including Open, EpiFi, Razorpay and Niyo—that have entered into the nascent neobanking sector.
Copyright © 2021 FinTech Global
