Neobank Jupiter has raised $86 million as part of its Series C fundraise according to regulatory filings accessed through Tofler,
The round was led by US-based QED Investors and Sequoia Growth Fund, and other existing investors such as Tiger Global, Matrix Partners, 3one4 Capital, and BEENEXT participated. This is Jupiter’s second round of funding in 2021, a year that saw an unprecedented surge in startup funding.
Jitendra Gupta, the startup’s founder and CEO, confirmed the funding and stated that the company’s valuation has now increased to $710 million. This represents a nearly 2.5x increase in valuation over the previous round, which valued Jupiter at $293 million.
Jupiter, founded in 2019, is a digital banking platform that allows users to open a bank account digitally, provides Visa debit cards, and insights on customer spending in collaboration with Federal Bank and Axis Bank.
Speaking on how the startup will use the funds, Gupta said, “We will continue to invest in customer acquisition with an aim to have a million customers by April 2022. We will also look at entering lending in the coming year.”
Jupiter, which has its own non-banking financial company (NBFC) licence, intends to lend from its own book to provide individuals with a credit line as well as personal loans. The company currently has nearly 500,000 users.
