Jupiter, the digital banking startup founded by former PayU India managing director Jitendra Gupta, announced it has raised an additional $2 million (Rs 15.2 crore) in a top-up funding round led by British venture capital firm Hummingbird Ventures and US-based Bedrock Capital.
Recently, the company raised $24 million in a seed round from a number of leading venture capital firms including Sequoia Capital, 3one4 Capital, Matrix Partners and Beenext, as well as a clutch of top angel investors.
“Banking is going through massive change. In these tough times, it has become evident that digital banking will be the way forward for consumers, who are really looking for an experience which is consumer-centric and friendly,” Gupta told the media.
The startup, which is currently in stealth mode, plans to officially launch its flagship product in July. Its 50-member team is based largely out of Mumbai and Bengaluru.
Gupta, who co-founded home-grown fin-tech startup Citrus Pay and later joined PayU India as part of its leadership team, is among a growing tribe of second-time entrepreneurs who have attracted big bucks from marquee investors even before officially launching their companies.
Other high-profile second-time entrepreneurs who have racked up big funding rounds include Kunal Shah, who started Cred, and Ashish Kashyap, who founded INDWealth in 2018 after leaving GoIbibo.
Jupiter will provide savings account, investments and lending services to the salaried millennial population with an income demographic of Rs 50,000 and upwards, in partnership with a large private bank, whose name has yet to be disclosed. It is unclear if the company will apply for a banking licence on its own.
The model is loosely based on UK-based digital mobile-only Monzo and Brazil’s Nubank, termed neo-banks. David Velez, founder of Nubank, is also an investor in Jupiter.
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