Indian digital banking startup Jupiter raises fresh funds; to launch service in July

via Verdict

India-based digital banking start-up Jupiter has raked in $2m in top-up funding round to officially launched its service in July.

The round was led by British venture capital firm Hummingbird Ventures and US-based Bedrock Capital, according to ET reportS.

The latest funding brings the total funding raised by the company to date to $26m.

The start-up had previously raised funds from seed investors like Sequoia Capital, 3one4 Capital, Matrix Partners and Beenext.

The latest funding brings the company’s valuation to nearly $100m.

The company’s new product is expected to offer savings account, investments and lending services to salaried people with an income of over INR50,000 ($655.46).

It will do so by partnering with a private bank, whose name has not been disclosed by the company.

Jupiter founder Jitendra Gupta said: “Banking is going through massive change. In these tough times, it has become evident that digital banking will be the way forward for consumers, who are really looking for an experience which is consumer-centric and friendly.”

The company, which is based out of Mumbai and Bengaluru in India, is owned by Amica Financial Technologies.

It currently operates in stealth mode with a 50-member team.

Jupiter’s business model is loosely based on UK-based digital mobile-only bank Monzo and Brazil’s Nubank.