Neobank Jupiter raises $86 mn in Series C round, valuation now at $710 mn

Neobank Jupiter has raised $86 million as part of its Series C fundraises, according to regulatory filings accessed through Tofler.

The round was led by US-based QED Investors and Sequoia Growth fund and also saw participation from other existing investors such as Tiger Global, Matrix Partners, 3one4 Capital and BEENEXT. This is Jupiter's second round of fundraising in 2021, a year that witnessed an unprecedented funding boom for startups.

Founded in 2019, Jupiter is a digital banking platform that allows users to open a bank account digitally, provides Visa debit cards and insights on spends by customers in partnership with Federal Bank and Axis Bank.

Speaking on how the startup will use the funds, Gupta said, "We will continue to invest in customer acquisition with an aim to have a million customers by April 2022. We will also look at entering lending in the coming year." Jupiter, which has a non-banking financial company (NBFC) license of its own, is planning to lend from its own book to provide a credit line to individuals and also personal loans. The company currently has close to half a million users.

In its Series B round in August 2021, Jupiter had raised $44 million led by Brazil's Nubank Global Founders Capital, Sequoia Capital, and Matrix Partners India. The round was supplemented with a $10-million raise from QED Investors.

At $710 million, Jupiter is in touching distance of the $1-billion valuation, which will make the startup a unicorn. However, Gupta said that the company is not looking to raise any more funds for the next 12-18 months.