Funding of $ 86 million and valuation of $ 711 million

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  • Neo-banking platform Jupiter has announced that it has raised $ 86 million in Series C funding. These are the details.

Jupiter – a neo-banking platform owned and operated by Amica Financial Technologies Pvt Ltd – recently announced that it has raised $ 86 million in Series C funding co-led by Tiger Global Management and Sequoia Capital India for a valuation of $ 711 million. . And QED Investors and existing investor Matrix Partners India participated in the round.

The company plans to use the funding to improve its technology platform and aims to add 2 million users by December 2022. And it plans to launch new age banking products. Jupiter has had around 500,000 users since its launch in July.

Jupiter had already raised $ 50 million in Series B funding in August. At that time, the company was valued at $ 290 million.

Jitendra Gupta, Founder and CEO of Jupiter, previously co-founded and sold payment company Citrus Pay to PayU for $ 130 million in 2016. Gupta then worked as Managing Director of PayU India where he oversaw a takeover now-pay later (BNPL) via PayU’s LazyPay app.

KEY QUOTES:

“We believe we are living in a unique period where consumers are adopting technology faster than expected. Consumers are looking for a place where they can get a better experience for their finances rather than just a vanilla banking app.

– Jitendra Gupta, Founder, Managing Director, Jupiter

“We are thrilled to support the Jupiter team as they create a next generation consumer banking experience for India. We have heard very positive feedback on Jupiter when we surveyed customers and we believe they are just getting started.

– Alex Cook, Partner, Tiger Global

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