[the_ad id="83613"]
Jupiter

Jupiter raises $45 Mn led by Nubank and others at $300 Mn valuation

Jupiter

Jitendra Gupta’s neo-banking platform Jupiter has raised $45 million in a fresh round co-led by Nubank, Global Founders Club, Sequoia Capital and Matrix Partners. Mirae Asset also participated in the round with a small investment, said Gupta to Entrackr.

Brazil-based Nubank is the largest fintech bank in Latin America. It was valued at $30 billion in June when it raised $750 million in a round led by Berkshire Hathaway.

This is the first funding round for Jupiter in 2021. It had raised $24 million in one of the largest seed rounds in November 2019 and topped up with another $2 million in April last year. With this, it has moped up over $71 million in total funding to date.

It also counts 3One4 Capital, Tanglin Venture Partners, Beenext and several high profile angels as its early backers. According to Entrackr’s sources, Jupiter has been valued at $300 million in the new funding round. It’s a 2X jump in valuation as compared to its last fundraise.

As per Fintrackr’s estimates, the company was valued at around $100 million or Rs 720 crore when it raised $2 million in an extended seed round in June 2020.

Currently, Jupiter offers four products to save money, bring discipline in expenses with insight, earn rewards on third party merchants and debit cards. According to Gupta, over 100K users have enrolled for Jupiter’s waitlist and the company would be onboarding them in the next three months. Federal Bank is the company’s main banking partner along with NPCI and Visa.

Over the past two years, neo-banking companies have been gaining a lot of interest from venture capitalists. Besides Jupiter, Niyo, EpiFi, P10 and InstantPay are other major players in this space. Niyo had raised about $50 million across two institutional rounds whereas EpiFi had raised $12 million in June. 

Entrackr had exclusively reported EpiFi’s Series A round co-led by Sequoia and Ribbit which valued it at $160 million.

Besides its core banking product Jupiter, Gupta had also launched a separate micro-lending app – Bullet. The app provides interest-free credit up to Rs 10,000 for UPI payments. Jupiter also acquired two companies Mitter.io in 2019 and the financial saving app EasyPlan in June this year.

Send Suggestions or Tips

Jupiter

Jupiter raises $45 Mn led by Nubank and others at $300 Mn valuation

Click edit button to change this text. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.Click edit button to change this text. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.

Below is the bank details:

 
Amount: INR 3,00,000 + GST (TDS to be deducted 2%)
Bank Name: ICICI Bank
Account Type: Current
Account Name: Bareback Media Private Limited
Account Number: 002105023595
IFSC Code: ICIC0000021
 
Kindly make the payment to confirm your seat for Unicorn trip 3.0. For any other queries/concern: pls drop a email on: [email protected] or [email protected]
X