Private Equity

Private Equity Fund Investments

NeoBank Jupiter raises $45-M from Brazil's Nubank, Sequoia, Matrix, Mirae, others

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Jupiter Money, operated by Mumbai-based Amica Technologies, has raised USD 44 million in its Series B round, valuing the neobanking service at over USD 300 million. The funding round was led by Brazil-based neobank Nubank and existing investors Global Founders Capital, Sequoia Capital India, and Matrix Partners India. Mirae Assets Venture also participated in the round along with all existing investors, including Addition Ventures, Tanglin VC, Greyhound, 3one4 Capital and Beenext. The new funding would be used to hire more talent and scale up the business. Founded in 2019 by former PayU India CEO Jitendra Gupta, Jupiter offers a 100% digital savings bank account with in-built money management features like real-time spend insights, tracking liquid assets across bank accounts, personalised savings goals, and sending/receiving funds via UPI. Jupiter claims to have 100k+ users in the waitlist, for whom the service has been rolled out in a phased manner. It will be available for the general public later this year.

From the Venture Intelligence PE-VC Deal Database: In 2019, Jupiter had raised about USD 24 million and followed it up with another USD 2 million in 2020. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)