Tiger Global-backed neobanking startup Jupiter Money has received final authorization from the Reserve Bank of India (RBI) to offer digital wallet services. This new offering will enable customers to make UPI payments, money transfers, and other transactions through the Jupiter Prepaid Account, slated for launch in the coming months.
With the RBI’s approval, Jupiter can now issue PPIs, which provide functionalities similar to bank accounts. Founder and CEO Jitendra Gupta noted that PPIs offer comprehensive payment capabilities, making them suitable for users who prioritize UPI and similar transactions while maintaining a secure account.
Jupiter currently provides digital savings accounts in partnership with Federal Bank and CSB Bank. These accounts come with additional features such as UPI payments, co-branded credit cards, co-lending for loans, spend and asset trackers, and personalized savings goals.
The introduction of the prepaid account is expected to significantly increase Jupiter’s user base. The startup’s separate entity, Amica Finance, holds a non-banking finance company license, allowing it to offer direct loans.
As of June 2023, Jupiter is valued at $654 million and has raised $165 million through various equity and debt rounds. Investors include Peak XV Partners, QED Investors, Matrix Partners, Nubank, and MUFG Bank, with Gupta retaining nearly 40% ownership.
Jupiter, boasting over 2 million active customers, competes with Slice, Fi Money, and Niyo in the neobanking sector. Despite revenue growth from Rs 18.85 crore in FY22 to Rs 48.86 crore in FY23, the company’s losses also increased, reaching Rs 327 crore from Rs 163.94 crore the previous year.
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