Indian Challenger Jupiter Lands $45m Collection B Funding Co-led by Nubank

Indian neobank Jupiter has raised $45 million in a Collection B funding spherical led by Brazilian digital financial institution Nubank, International Founders Capital, Sequoia Capital and Matrix Companions India.

Different buyers within the spherical embody Mirae Property Enterprise in addition to current buyers Addition Ventures, Tanglin VC, 3one4 Capital, Greyhound and Beenext.

The beginning-up has now raised round $71 million following a $24 million seed spherical in November 2019 and a $2 million Series A round final year.

The brand new funding values the corporate at over $300 million, in line with TechCrunch. Jupiter has places of work in Mumbai and Bengaluru and was based by former PayU India managing director Jitendra Gupta. It describes itself as India’s first on-line banking answer devoted to Millennials. Its app, which is presently solely obtainable in early entry beta mode forward of its full launch, affords customers insights primarily based on their spending in addition to wealth administration and financial savings instruments. Nubank’s funding follows its personal $500 million raise from Warren Buffet’s Berkshire Hathaway firm in June, a part of a $750 million extension to its Collection G funding spherical.