Jupiter, a neobanking platform owned and operated by Amica Financial Technologies Pvt Ltd, has raised $86 million as part of its Series C funding round co-led by Tiger Global Management and Sequoia Capital India, valued at $711 million, according to a company statement.
According to the company, the funding round was participated in by US-based venture fund QED Investors as well as existing investor Matrix Partners India.
The funds will be used to improve the company’s technology platform, with the goal of onboarding 2 million users by December 2022. It intends to launch cutting-edge banking products. Jupiter stated that it recently exited beta mode and launched its services in November.
Since its July launch, the company claims to have onboarded over 500,000 users. The platform has partnered with Federal Bank to provide users with bank accounts. According to the company, it raised $50 million in August as part of its Series B funding round, which valued the company at $290 million. Previously, the company had raised $25 million in Seed funding and Series A rounds, according to the company.
“We feel that we are in a very unique time wherein consumers are adopting technology faster than expected. Consumers are looking for a place where they can get better experience for their finances rather than just a plain vanilla banking app,” said Jitendra Gupta, Founder, Chief Executive Officer, Jupiter.
Jupiter is the second venture founded by Gupta, who had earlier co-founded, and eventually sold payments platform Citrus Pay to Naspers (Prosus)-owned global payments company PayU for $130 million in 2016, which, the company claims was the largest fintech acquisition in India at that time.
Gupta was the Managing Director of PayU India at the time, and he pioneered buy-now-pay-later (BNPL) in the country with PayU’s application LazyPay. In 2019, he founded Jupiter.
Jupiter claims that its platform is currently onboarding 5,000 to 6,000 new users per day and that deposits totaled more than 100 crore in October. Jupiter’s platform, among other things, provides a savings account as well as money management features. For its users, the company intends to develop a consumer banking application that is integrated with routine finance management solutions.
