Neobanking startup, based in Mumbai and Bengaluru, Jupiter has announced that it has secured $44 million in the Series B funding round.
This round saw participation from global investors including Global Founders Capital, Brazil-based Nubank, Matrix Partners India, Sequoia Capital India and Mirae Assets Venture. Existing investors Beenext, Addition Ventures, Greyhound, Tanglin VC and 314 Capital also participated in the round.
“The initial product traction has been phenomenal. Early users are loving the simplicity of the product, and the kind of gold-standard service they’d come to expect from top consumer internet companies,” founder Jitendra Gupta said.
“Nubank and Jupiter share the mission of making banking the best experience possible for our customers, putting an end to all the bureaucracy and the pain in the current system. The Indian and Brazilian markets have many similarities and through this investment, we aim to support Jupiter in their growth path,” said David Vélez, CEO and Founder – Nubank.
Ashish Dave, CEO of Mirae Asset Venture Investments (India), added, “Neobanks like Jupiter are exactly what India needs: someone who can deliver simple, extensive and high-quality digital banking in a cost-efficient way. Think of a customer experience so good that it feels like making privileged banking available to folks who dread branch visits and long waiting times. Banking needs to meet customers where they are, and serve them in the most intuitive manner possible. Jiten and his stellar tech team have built just that, on top of the existing banking stack.”
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.