Jupiter Money launches ‘Magic Spends’ targeting millennials’ savings, investments

Bengaluru: Fintech startup Jupiter Money has launched ‘Magic Spends’, a feature which encourages millennials to save and invest as part of its initiative to tap young investors on its platform.

As young consumers are preferring to make purchases online through ecommerce websites, food delivery platforms and quick commerce, Jupiter Money’s new product allows investment of a predetermined amount every time a user of the company’s eponymous mobile application makes a transaction through the app, the company said. Such investment goes into digital gold and mutual funds.

According to the company, users can get started on Magic Spends by selecting a custom amount (minimum Rs 10) to invest with every transaction.

“Jupiter has always been committed to improving the financial wellness of our customers through innovative features that create healthy habits. Magic Spends takes this mission a step forward,” said Jitendra Gupta, founder of Jupiter Money in a release.

Magic Spends works with UPI (United Payments Interface) and debit cards linked to the user’s Federal Bank account on the Jupiter app, the company said.

The company also said that users can also set a maximum limit to create a goal for monthly investments. They can pause, cancel or redeem these investments made with Magic Spends at any point in time.

Jupiter was founded in 2019 by Jitendra Gupta, who was previously the managing director at PayU India. He raised $165 million in equity funding from investors such as Tiger Global and Peak XV Partners so far.