The funding brings Jupiter’s valuation to the $300M mark. Here are the top-line bullets you need to know.
Jupiter, a neobanking startup, has raised $71M in a Series B. The round drew participation from NuBank, Beenext, Sequoia Capital India, Greyhound Capital, Tanglin Venture Partners, and Global Founders Capital, among others.
How’s the company performing?
- India-based Jupiter has built a neobank for Indian consumers and created a number of products, including a savings account, with features aimed at making money management easier. The site, which bills itself as a “100% digital bank,” also allows users to buy now and pay later on Unified Payments Interface (UPI), a real-time payment system regulated by the Reserve Bank of India.
- The company’s beta application is now available to more than 100,000 users who had signed up for the waitlist and is due for public release later this year.
- Jupiter employs more than 120 people.
Why does the market matter?
- The fintech market is projected to grow at a CAGR of 23.41% to reach a value of $324B by 2026, according to Market Data Forecast.
- The global fintech adoption rate stands at 25%, signaling the presence of growth opportunities for providers and first movers.
- The market has seen a boom in funding in recent years. In 2020, VCs invested $42B in fintech companies.
- The Covid-19 pandemic has driven the adoption of cashless transactions and increased demand for digital payment solutions and online payment gateways.