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Jupiter Closes Its Series C As It Reaches A New Milestone

February 19, 2022
3 mins

Jupiter closed $86M in Series C in December 2021 led by QED, Sequoia Growth, and Tiger Global, with participation from 3one4 Capital, Sequoia, MUFG, and others, valuing the company at over USD 710 Mn - a significant jump of 2.5x from the previous round which Jupiter raised earlier in 2021.

Jupiter, founded by fintech veteran Jitendra Gupta, is reimagining traditional banking, providing a superior experience along with a platform for a variety of financial services which include the ability to pay using credit over UPI, a feature first offered in the market by Jupiter, a portfolio analyzer, savings products, debit cards, expense categorisation, monitoring insurance coverage and credit scores, and more.

Within the first two weeks of launch, Jupiter saw more than 150k requests from users for early access. It has now opened its platform to these waitlisted users through invites with 5,000 to 6,000 new users signing up each day and has recorded over USD 0.5 Bn of assets linked already.Currently, the platform has over half a million users within six months of its early access launch in July and has partnered with Federal Bank and Visa to issue zero-balance savings accounts and debit cards to its customers.

With founder Jitendra Gupta’s deep domain expertise (Co-founder of CitrusPay; sold to Naspers’ PayU, and ex-managing director of PayU) and a customer-obsessed approach to product and experience design, Jupiter is now helping redefine the retail banking landscape in India for hundreds of thousands of new customers every month. The platform provides a true digital banking experience for Indian millennials and supports the shift of thinking in the millennial mindset - that a “bank has changed from a place where you go to what you do with your money everyday”.

At 3one4 Capital, we are excited to have been invested since the seed round and to continue our work with the team as they ramp up their efforts to onboard 2 million customers in 2022 and scale their vision of building India’s leading digital consumer banking experience.

Read more | TechCrunch

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