Indian Neobank Jupiter Raises $45 Million in Series B

Jupiter, an India-based digital banking start-up, has secured $45 million in the Series B funding, which was co-led by Brazil-based Nubank, Global Founders Capital, Sequoia Capital and Matrix Partners India.

The digital bank has received a valuation of more than $300 million. The Series B funding includes support from Mirae Assets Venture and existing investors including Addition Ventures, Tanglin VC, 3one4 Capital, Greyhound and Beenext.

After a beta launch in June, Jupiter is preparing to onboard up to 100,000 customers already signed up to its waiting list. The digital bank has partnered with Federal Bank, NPCI and Visa, offering a savings account bundled with smart money management tools.

“Nubank and Jupiter share the mission of making banking the best experience possible for our customers, putting an end to all the bureaucracy and the pain in the current system. The Indian and Brazilian markets have many similarities and through this investment, we aim to support Jupiter in their growth path,”said Nubank founder and CEO David Vélez.

“I am excited to welcome Nubank as Jupiter’s partner in the new banking revolution. They have scaled up so well in Brazil, and we have a lot to learn from them. We’ll take best practices from them, and work together to build an even stronger focus on customer service and products. With this partnership, we will fast forward our execution journey,”Jupiter founder and CEO Jitendra Gupta added.