Neobanking platform Jupiter has received Prepaid Payment Instruments (wallet license) from the Reserve Bank of India (RBI), according to a notification by the apex banking body.
The move will allow Jupiter to offer digital wallets to its users for making UPI payments.
Currently, Jupiter’s offerings include digital savings bank accounts with in-built money management features like real-time spend insights, tracking liquid assets across bank accounts, personalized savings goals, and sending/receiving funds via UPI.
It’s worth highlighting that the Jitendra Gupta-led company already obtained a non-banking finance company (NBFC) license from RBI to lend on its own book.
Tiger Global-backed Jupiter was last valued at around $710 million during a $86 million Series C round in December 2021. It has raised over $160 million to debt including a $12 million debt in January 2023. It also counts QED Investors, Peak XV Partners and Matrix Partners as its investors.
As per startup data intelligence platform TheKredible, Gupta holds nearly 40% stake in the company followed by Peak XV and Matrix.
Jupiter registered Rs 48.86 crore in operating revenue in FY23 from Rs 18.85 crore in FY22. During the period, its losses surged to Rs 327 crore from Rs 163.94 crore.
Jupiter competes with the likes of Niyo, Slice, and Fi (formerly epiFi), among others.
In 2024, fintech platforms such as Mufin, Nium, Revolut also received go ahead nod from RBI for PPI wallet licence while foodtech major Zomato voluntarily surrendered the payment aggregator and wallet license.
