India-based neobanking platform Jupiter snares $3m in debt

India-based neobanking platform Jupiter has reportedly snared INR 25 crore ($3m) in debt from Alteria Capital.

As part of the deal, Jupiter’s board passed a resolution to issue and offer 2,500 Series A non-convertible debentures at an issue price of INR 100,000 ($1,207) per debenture to Alteria Capital, according to a report from Indian Startup News.

Jupiter will use the funds for general corporate activities, it said.

The FinTech company allows consumers to create a bank account online. Through its mobile app, users can review real-time spending breakdowns and insights, as well as set savings targets with automatic contributions.

In addition to this, the platform supports investing activities. Users can see all their accounts in one location and get actionable insights on investments.

Finally, the platform boasts real-time rewards for when people spend through the account.

Last year, Jupiter raised $45m in a funding round from Nubank, Global Founders Capital, Sequoia Capital and Matrix Partners India.

Indian Fintech seed deal activity dropped by 23% in Q3 2022, according to a data from FinTech Global. In total, there were 21 FinTech seed deals in the country during the quarter.

The largest funding round of the quarter was raised by Credit Fair, a consumer-lending platform that helps retail investors access secured fixed income alternatives.

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