Consumer-focused neobank Jupiter has raised USD 86 million as part of its Series C funding round with the startup’s valuation rising to USD 711 million, according to techcrunch.com. The report also states that the platform is gearing up to offer its customers lending and wealth management services.
The financing round was co-led by US-based QED Investors and Sequoia Growth fund along with the participation of existing investors such as Tiger Global, Matrix Partners, 3one4 Capital and BEENEXT.
Founded by industry veteran Jitendra Gupta in 2019 , the Bengaluru-based startup 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. In its Series B round in August 2021, Jupiter had raised $44 million led by Brazil’s Nubank Global Founders Capital, Sequoia Capital, and Matrix Partners India. The round was supplemented with a $10-million raise from QED Investors.. Gupta had last co-founded CitrusPay, a fintech firm which was acquired by PayU.
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Speaking with moneycontrol.com, 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.”The startup is reportedly just short of half a million users with over 65% of the user base actively transacting on the platform each month.
