Neobanking startup Jupiter raises $87 million from Tiger Global
- ByTejika Bajaj | December 28, 2021
Neobanking startup Jupiter has recently raised $87 million as a part of its Series C round of funding. The round was led by US-based QED Investors and Sequoia Growth fund.
The round witnessed participation from prominent and existing investors such as Tiger Global, Matrix Partners, 3one4 Capital and BEENEXT. This is Jupiter’s second round of fundraising in 2021, a year that witnessed an unprecedented funding boom for startups.
Following this round of fundraise, the valuation for the neobanking company now stands at $710 million. This is a jump of close to 2.5x in valuation from the previous round, which valued Jupiter at $293 million.
Founded in 2019, Jupiter is a digital banking platform that allows users to open a bank account digitally, provides Visa debit cards and insights on spends by customers in partnership with Federal Bank and Axis Bank.
Commenting upon how the startup will utilize the funds, the founder and CEO of Jupiter, Jitendra 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 a non-banking financial company (NBFC) license of its own, is planning to lend from its own book to provide a credit line to individuals and also personal loans. The company currently has close to half a million users.
This fundraising is in line with the momentum seen in 2021, with founders raising multiple rounds to make the most of the lush liquidity scenario.
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