Jupiter, a neobanking platform, has raised $86 million as a part of its Series C funding round co-led by Tiger Global Management and Sequoia Capital India, at a valuation of $711 million. The funding round also saw participation from US-based venture fund QED Investors and existing investor Matrix Partners India.

The startup plans to use the freshly raised funds to enhance Jupiter’s technology platform. Additionally, the startup aims to onboard 2 million users by December 2022. 

Jupiter | Digital Banking App

Founded by Jitendra Gupta, Jupiter is a digital banking app that offers smart insights based on your spending and provides you with a range of new-age features that enables you to make sense of your finances. The startup plans to launch new-age banking products, and the startup recently came out of beta mode and launched its services in November.

Owned and operated by Amica Financial Technologies Pvt Ltd, Jupiter claims to have onboarded over 500,000 users since its launch in July. The neobanking platform has partnered with Federal Bank to provide bank accounts to users. 

Speaking on the development, Jitendra Gupta, Founder and Chief Executive Officer at Jupiter, said,

“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.” 

As per the startup, its platform is currently onboarding 5,000 to 6,000 new users daily and has recorded deposits of over Rs 100 crores in October. Jupiter’s platform offers a savings account, along with features that enable money management, among other services. 

In June 2021, Jupiter acquired Y Combinator-backed AI-powered savings app Easyplan, making it the second acquisition after it acquired Mitter.io in 2019.

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