Jupiter scoops $86 million as it targets 2M customers in 2022
Jupiter, the newly-launched Indian neobank, has raised new capital ahead of its full rollout expected in 2022.
New funding for Jupiter
The banking world is seeing significant changes. Most notably, the industry is being disrupted by young and well-funded companies that focus on mobile and digital banking.
In December, NuBank, the biggest neobank in the world, went public in New York. Today, the company has a total market capitalization of more than $43 billion.
Neobanks are more popular with young people because of their conveniences and the fact that they are often cheaper.
Jupiter, an invite-only neobank in India, could be the next big thing after the company raised $86 million from venture capital firms. The funding values the company at about $710 million, making it bigger than many banks in the country. This funding round was led by Tiger Global, Sequoia, MUFG, and Mirae Asset.
Jupiter Bank is a young bank that was launched in June. Presently, it is only working for a small number of invite-only clients. Still, the company has seen robust growth in this period. According to the CEO, the company is doubling transactions every month and it expects that it will process about $60 million this month.
It is also adding about 5,000 customers every day and is burning less than $1 million per month. Also, its balance sheet is a bit stable, currently at $145 million. The company expects to get to 2 million customers in 2022.