Indian challenger-to-be Jupiter raises $2m in venture funding
Indian challenger bank Jupiter has raised $2 million in a venture round led by Hummingbird Ventures and Bedrock Capital.
Jupiter, which describes itself as India’s first and online banking solution dedicated to Millennials, is founded by former PayU India managing director Jitendra Gupta.
The new funding arrives on the back of a $24 million seed round achieved by Jupiter in November 2019. It values the digital banking firm at around $100 million.
Jupiter, which Gupta describes as still being in stealth mode, operates a 50-person team based in two offices in Mumbai and Bengaluru.
The Jupiter founder told The Economic Times of India that banking is going through what he calls “a massive change.”
He adds: “In these tough times, it has become evident that digital banking will be the way forward for consumers, who are really looking for an experience which is consumer-centric and friendly.”
Jupiter is still offering sign-ups for the first 1,000 members on its website. The prospective bank operates a product roadmap hosted on list-making application Trello.
The bank plans to offer savings, investments, lending and more to millennials with an income of more than Rs 50,000 ($656).