Mumbai and Bengaluru headquartered neobanking startup Jupiter has raised $44 million in Series-B funding round led by Brazil based Nubank.
The round also saw participations from Global Founders Capital, Sequoia Capital India, Matrix Partners India and Mirae Assets Venture.
Existing investors who took part in the round include Addition Ventures, Tanglin VC, Greyhound, 314 Capital and Beenext, who participated on a pro-rata basis.
The total funding of the company now stands at $69 million. Jupiter had raised a total of $25 million in seed and Series A round while in its stealth mode. It has just been a month since the company launched its platform in beta mode.
After the series B round the company is now valued at more than $300 million, according to a statement.
Jupiter was founded in 2019 by banking veteran Jitendra Gupta, who previously served as the Managing Director of payments platform PayU for close to 3 years and also founded another payment platform, Citrus Payment solutions, back in December 2010.
Citrus was acquired by Naspers owned PayU in a cash deal worth $130 million in 2016.
Back to Jupiter, it is a digital bank that will first offer a savings account with features that the company said will simplify money management. The product was co-created with a community of users who provided feedback on what they look for in a banking application.
“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,” Gupta said.
The beta version of the application is currently available to 100k users who have signed up on its waitlist, and will be rolled out generally later this year.
Talking about Brazilian neobank Nubank infusing funds into Jupiter, Gupta said that Nubank had scaled up well in Brazil, a country with a similar ecosystem as India.
“The Indian and Brazilian markets have many similarities and through this investment, we aim to support Jupiter in their growth path. We see a lot of potential and are excited about joining them so early on their journey”, David Vélez, CEO and founder of Nubank, said.