Neo-bank Jupiter raises $2 mn from Hummingbird, Bedrock Capital: Report

Amica Financial Technologies, which owns the stealth-mode digital banking startup Jupiter, has raised an additional $2 million (Rs 15.2 crore) in a funding round led by British venture capital firm Hummingbird Ventures and New York-based Bedrock Capital, The Economic Times reported.

The financing comes about five months after Jupiter raised $24 million in a seed round from a number of leading venture capital firms including Sequoia Capital India and 3one4 Capital.

The latest investment values Jupiter at about $100 million, a 43% jump from the $70 million valuation in November 2019, the report said citing founder Jitendra Gupta. The startup plans to officially launch its flagship product in July and has a 50-member team located in Mumbai and Bengaluru, it added.

Jupiter is founded by former PayU India managing director Jitendra Gupta and Vishnu Jerome, co-founder of law firm Jerome Merchant and Partners. Gupta also has a portfolio of investments in startups such as healthcare platform Meddo, ecommerce platform CityMall, craft beer maker Bira91, fintech platform Juno and rental furnishing solutions provider Magneto Home.

Amica Financial aims to offer savings account, investments and lending services to millennials in the Rs 50,000-plus salary bracket. The company has tied up with an undisclosed private bank for its capital requirements.

Fintech startup funding has gathered steam after a brief lull due. On Wednesday, Coverfox Insurance Broking, which owns an eponymous online brokerage portal, raised $2.1 million (around Rs 15.7 crore) from its parent company Glitterbug Technologies. Gurugram based Aye Finance raised $23.8 million (or Rs180 crore) in debt in the last 15 days from lenders in India and abroad.