[Funding alert] Neobank Jupiter raises $86M in Series C round

Mumbai-headquartered fintech company Jupiter has raised $86.6 million in a Series C round of funding led by New York-headquartered hedge fund Tiger Global, Sequoia Capital and Virgina-headquartered QED Investors, according to filings made with the Registrar of Companies (RoC).

Other investors in the round include returning investors Matrix Partners, Beenext, GFC Global Founders Capital, Rocket Internet Capital, Nubank, Mirae Asset Fund, 3One4 Capital and Mitsubishi’s MUFG Innovation Partners. 

Jupiter was valued at $711 million as part of the round according to reports, up from $300 million in August when it raised $44 million in a Series B round of funding led by Brazil’s Nubank, Global Founders Capital, Sequoia Capital India and Matrix Partners. 

Founded in 2019 by serial entrepreneur and CitrusPay founder Jitendra Gupta, Jupiter is a customer facing neobank which offers ease of depositing money and payment transactions, apart from insights on expenditure, goal-based savings and a company branded digital debit card. 

ALSO READ

Jupiter Founder Jitendra Gupta on building a neobank and a new era of financial services

The company which was in beta till June 2021 has over 500,000 downloads on the Google Play Store. The company opened up the app to new users by invite in October and has tied up with Federal Bank and Axis Bank to offer its services. 

In an earlier interview with YourStory, Founder and CEO of Jupiter, Jitendra Gupta said that the company which currently offered only savings products will also get into customer-focused lending soon.

The neobanking space, which serves as an intuitive digital layer for all banking services, has seen multiple fintech players in India betting on it. Earlier this year, customer facing neobank Fi raised $50 million led by B Capital Group, Falcon Edge and others. Other competitors in the space include Tencent backed NiYO. The customer facing neobanks target working professionals in metros who need a simple interface to manage their banking needs.