Indian Firm Jupiter Raises $86 million for its Digital Banking Application

Fintech Jupiter fun raised

Mumbai-based financial technology startup Jupiter has raised a $86 million funding round. It was led by Tiger Global, QED, and Sequoia Capital India.

MUFG Bank Ltd., Japan’s largest bank, invested in the Series C round, along with current Jupiter supporters. The investment brings the startup’s worth to $711 million, more than doubling it.

Jupiter’s newest fundraising round, which was first reported on Monday, comes only months after the company released its namesake banking app to the general public. The startup has built up an installed base of nearly a half-million users in that time frame. Furthermore, Jupiter claims that it is onboarding 5,000 new users every day.

Chief Executive Officer Jitendra Gupta, a fintech entrepreneur whose previous company was acquired for $130 million three years prior, established Jupiter in 2019. Jupiter does not have any physical locations and instead relies solely on its app to supply its services.

Consumers can use Jupiter’s app to access a growing number of financial services. For example, users can open savings accounts, get a Jupiter-branded debit card, and make purchases using the buy now, pay later function. In addition, Jupiter wants to provide a lending business and investment products following the new $86 million funding round.

Jupiter has received almost $150 million in outside investment to date. According to reports, the company had funds leftover from its previous fundraising round and nearly half of a $25 million Series A investment it received previously.

This year’s investment activity in the fintech sector set a new high. Fintech startups raised more than $90 billion in funding between January and October, according to statistics from the market intelligence platform. Nearly doubling the total amount raised in 2020.

In 2021, consumer-focused financial services companies performed exceptionally well. N26 GmbH received $900 million in funding from Third Point Ventures and Coatue in October to expand its digital banking. Klarna Bank AB, the world’s largest buy-now, pay-later bank, received a $639 million fundraising round. Valuing it at $45.6 billion.

The consumer fintech ecosystem’s rapid expansion has piqued the interest of more established firms in the financial services industry. For example, to expand its digital banking portfolio, Goldman Sachs Group Inc. recently announced a $2.24 billion deal to acquire GreenSky Inc. This fintech startup competes in the buy now, pay later category.

About Jupiter

Since its founding in 1985, Jupiter has strived to make a positive difference in our clients’ lives by assisting them in achieving their long-term financial goals through high conviction, active management.

We knew right away that we needed to establish a distinct, entrepreneurial culture that would bring together all aspects of the company to achieve this aim. We wanted our clients to experience, share, and profit from the enthusiasm and focus of a young firm full of innovative professionals eager to establish itself as a trusted custodian of other people’s money as a new entrant in a competitive market.

We’ve established ourselves as a top specialty asset manager over the last 35 years as we’ve maintained our adaptability and drive as we’ve grown. Our value lies in our people, our ability to quickly adapt to changing markets, and our commitment to continually challenge ourselves to provide the best investment outcome for our clients.

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