Neobanking Startup Jupiter Raises $44M in Series B

Neobanking startup Jupiter is now valued at $300 million after it raised $44 million in its Series B round. The round was led by Brazil-based Nubank, Sequoia Capital India, Matrix Partners India, and Global Founders Capital. Mirae Assets Venture also joined the round. Existing investors Tanglin VC, 314 Capital, Beenext, Greyhound, and Addition Ventures participated in the round.

Jupiter was founded in 2019 and was established as a neobank for the consumers in India. Earlier, Jupiter had raised $25 million in seed funding and Series A rounds. With the latest funding round, Jupiter has more than doubled its valuation.

The latest funding will be used by the 100% digital bank to recruit talent and scale up its business.

“Nubank and Jupiter share the mission of making banking the best experience possible for our customers, putting an end to all the bureaucracy and the pain in the current system. The Indian and Brazilian markets have many similarities and through this investment, we aim to support Jupiter in their growth path. We see a lot of potential and are excited about joining them so early on their journey,” said David Vélez, founder and chief executive of Nubank, in a statement.

Jupiter was founded by the industry-veteran Jitendra Gupta who wants to solve India’s inflexible traditional banking system.