Neobanking platform Jupiter, owned and operated by Amika Financial Technologies Pvt Ltd, has raised $86 million at a valuation of $711 million as a part of its Series C funding round led by Tiger Global Management, Sequoia Capital India, the company said. Have gathered. Statement.
US-based venture fund QED Investors participated in the funding round with existing investor Matrix Partners India, the company said.
The company plans to use the funds to grow its technology platform and aims to add 2 million users by December 2022. It is planning to launch new age banking products. Jupiter recently came out of beta mode and launched its services in November, the company said.
The company claims to have added over 500,000 users since its launch in July. The platform has partnered with Federal Bank to provide bank accounts to users. the company had raised $50 million As part of its Series B funding round in August, which valued the company at $290 million, the company said. Previously, the company had raised $25 million in its seed funding and Series A round, the company said.
“We think we are in a very unique time where consumers are adopting technology faster than expected. Consumers are looking for a place where they can have a better experience for their finances rather than just a plain vanilla banking app.”
Jupiter is the second venture founded by Gupta, who previously co-founded, and eventually sold payments platform Citrus Pay to Naspers (Prosus)-owned global payments company PayU for $130 million in 2016, the company claims. It was the largest fintech acquisition ever. In India at that time.
Gupta was then the Managing Director at PayU India and launched Buy-Now-Pay-Later (BNPL) in the country through PayU’s application LazyPay. After this he founded Jupiter in 2019.
Jupiter claims that its platform is currently adding 5,000 to 6,000 new users daily, and has recorded deposits in excess of 100 million Jupiter’s platform in October offers a savings account as well as features that enable wealth management, among other services. The company aims to create a consumer banking application integrated with regular finance management solutions for its users.
“We are excited to support the Jupiter team as they build the next generation of consumer banking experience for India. We saw very positive feedback on Jupiter when we surveyed customers,” said Alex Cook, Partner, Tiger Global. Listened and we think they are just getting started.”
The neobanking space is gaining popularity in India, with many new age technology startups entering the space. The lockdown caused by the pandemic last year gave a boost to the sector and as a result, these new age firms aggressively raised money. Among other private equity investors, Tiger Global Management is actively investing in this area.
In October, Zolway Innovations, which operates a Neobank that aims to ease access to financial services for users traveling from India to the US or vice versa, raised $40 million From DST Global, Tiger Global Management, Alken Capital, Accel and Lightspeed Ventures.
Another Neobank Open in September raised $62 million from Temasek, Google, Tiger Global Management and 3one4 Capital as part of its Series C funding round. In the same month, Small Medium Enterprises (SME)-focused lending Neobank Flowbiz raised $31 million As part of its Series B funding round from Sequoia Capital India, Think Investments, Binext and Elevation Capital.
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