Neobanking startup Jupiter opens its banking app to new users
Jupiter's banking app will be open to new users under an invite-only programme, and it aims to onboard one million users in the next six months.
Tuesday October 26, 2021,
3 min Read
, the neobanking startup founded by fintech veteran Jitendra Gupta, has formally opened its fully digital banking app under a mission invite programme after being in beta mode since June, receiving more than 1.5 lakh requests.
Founded in 2019, Jupiter aims to bring simplicity in banking by intuitively understanding the needs of a customer.
Talking to YourStory, Jitendra said, “Today’s mobile banking has a lot of features but there is no interactivity, contextualisation or personalisation. We bring in the simplicity and superior customer service.”
Jupiter says that the early signs in terms of customer onboarding on the banking app have been very encouraging as the startup is getting requests from 3,000-4,000 new customers every day, with deposits worth Rs 100 crore added in the last 30 days.
Under the Mission Invite programme, Jupiter will let existing users invite their friends and in case they do not know any the user can put the request to the existing community for access.
Jitendra said, “Today, a bank’s mobile platform looks like an extension of their banking branch, where they do not have full information of their customers. Now, with Jupiter, one can actually recommend products that are personalised to the individual because we are digital.”
He further noted that banks are able to provide only account statements to their customers but they actually are more focused on knowing how they spend their money. “We can provide insights on the customer spending where one can track all their finances at one place,” Jitendra said.
The Jupiter app will have several features, which include insights into the breakdown of purchases made, net worth and debt tracker, money pots for savings etc.
Jupiter's target customers are salaried employees earning around Rs 5-6 lakh per annum and reside in the top eight metros, as Jupiter founder said that this population segment needs superior banking experience.
Though, at a broad level, Jupiter's customer base will include the 450 million smartphone users in the country.
Jupiter aims to onboard one million accounts in the next six months, and has tied up with Federal Bank and Axis Bank. For now, the app will be focused on the aspect of savings management and will soon look at lending products.
This is Jitendra's second fintech startup after founding CitrusPay, which was acquired by Naspers owned PayU in 2016 in a $130 million deal.
Jupiter had raised $25 million in Series A round from investors such as Sequoia, Matrix Partners, 3one4 Capital, Lee Fixel while it was yet to launch any other offering. In its Series B round, it raised $44 million from Nubank of Brazil, Global Founders Capital and other existing investors while valued at around Rs 2,000 crore.
Edited by Kanishk Singh