Brazil’s Nubank, others lead $44 mn Series B financing in neobank Jupiter

Brazil based Nubank and others have driven a $44 million Series B financing round in Mumbai and Bengaluru headquartered neobanking startup Jupiter.

The round was likewise driven by Global Founders Capital, Sequoia Capital India, and Matrix Partners India.

Mirae Assets Venture additionally joined the round. Existing investors who took part in the round on a favorable to rata basis incorporate Addition Ventures, Tanglin VC, Greyhound, 314 Capital and Beenext.

The total financing of the organization now stands at $69 million. Jupiter had raised a total of $25 million in seed and Series A round while in its stealth mode. It has just been a month since the organization dispatched its platform in beta mode.

After the series B round the organization is now esteemed at more than $300 million, as per a statement.

Jupiter was established in 2019 by banking veteran Jitendra Gupta, who recently filled in as the Managing Director of payments platform PayU for near 3 years and additionally established another payment platform, Citrus Payment solutions, back in December 2010.

Citrus was procured by Naspers claimed PayU in a money bargain worth $130 million of every 2016.

Back to Jupiter, it is a digital bank that will first offer an investment account with features that the organization said will improve on cash management. The product was co-created with a community of clients who gave feedback on what they search for in a banking application.

“The initial product traction has been phenomenal. Early clients are cherishing the simplicity of the product, and the sort of best quality level help they’d generally expect from top buyer internet organizations,” Gupta said.

The beta variant of the application is currently accessible to 100k clients who have joined on its waitlist, and will be carried out generally later this year.

Talking about Brazilian neobank Nubank mixing assets into Jupiter, Gupta said that Nubank had increased well in Brazil, a country with a comparable ecosystem as India.

“The Indian and Brazilian markets have many similarities and through this investment, we expect to support Jupiter in their growth path. We see a lot of potential and are excited about going along with them so from the get-go their excursion”, David Vélez, CEO and author of Nubank, said.