Jupiter Raises $2 Million Through Hummingbird Ventures
Jupiter in partnership with an undisclosed large private bank intends to provide savings account, investments and lending services to the millennial population that is salaried with an income of Rs 50,000 and upwards
A digital banking startup called Jupiter has managed to raise an additional fund of $2 million (Rs 15.2 crore) in a top-up funding round led by Hummingbird Ventures which is a British funding firm and Bedrock Capital, US-based funding firm. The startup was founded by Jitendra Gupta, a former PayU India Managing Director.
Jupiter, owned by Amica Financial Technologies, managed to secure the current funding soon after it secured $24 million in a seed round from a number of leading venture capital firms that included, Sequoia Capital, 3one4 Capital, Matrix Partners and Beenext, along with a clutch of top angel investors, just five months back. Gupta said, “Banking is going through a massive change. 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.”
The current investment valued Jupiter at about $100 million, as indicated by Gupta, a 43% jump from the $70 million valuations it had in November 2019. The startup, right now in stealth mode, officially plans to launch its flagship product in July. Its team of comprising of 50 members is majorly based at Mumbai and Bengaluru.
Gupta, a Co-founder with Citrus Pay, a home-grown fin-tech startup, and a member of the leadership team at PayU, is amongst a number of second-time investors who could manage to get big funding, even before the official launch of their companies.
Although it is not clear if Jupiter plans to apply for its own banking license, however, the company has plans of partnership with an undisclosed large private bank and intends to provide savings account, investments and lending services to the millennial population that is salaried with an income of Rs 50,000 and upwards. The model of the company is loosely based on Only Monzo (UK-based digital mobile) and Brazil's Nubank, whose founder is David Velez, a prior investor in Jupiter.