Braizillian neo bank Nubank has co-led a $45 million round in Indian equivalent Jupiter, valuing the pre-launch startup at $300 million.
Following a beta launch in June, Jupiter is preparing to onboard up to 100,000 customers already signed up to its waiting list. The fully digital bank has partnered with Federal Bank, NPCI and Visa, offering a savings account bundled with smart money management tools. Jupiter will also roll out a buy now, pay later product utilising the country's UPI online transacting platform.
Nubank - which was valued at $30 billion following a $750 million funding round in June - was joined in the funding by Global Founders Capital, Sequoia Capital and Matrix Partners India. Mirae Assets Venture also joined the round and existing investors including Addition Ventures, Tanglin VC, 3one4 Capital, Greyhound and Beenext also participated.
It brings total funding in Jupiter to $71 million, after a $24 million seed round in November last year, followed by a $2 million top up in April
David Vélez, founder and chief executive of Nubank, says: “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.”
Much like the Brazilian market, India is nurturing a wave of digital-only challengers to the established order, with Niyo, EpiFi, P10 and InstantPay joining the fray. Fintech giant Revolut has also earmarked a $25 million spend to launch in India.