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Neobank Jupiter expands services to Indian consumers

Neobank Jupiter, founded by fintech veteran Jitendra Gupta, on Monday said it is expanding its services to more users in India. Jupiter has a tie-up with Federal Bank to offer savings accounts. 

Neobanks are essentially fintech firms that have tie-ups with existing banks, and are not licensed directly by the Reserve Bank of India (RBI). 

Jupiter has relied on an invite-only model to generate user interest. Its beta release in June recorded more than 1.5 lakh requests from users for early access within two weeks, the company claimed.

Jupiter has introduced ‘Mission Invite’ program to let existing users invite their friends. Users without an invite can download the app to get limited exclusive invites, from the makers of the app. 

Jupiter aims to onboard 1 million accounts in the next six months. It is currently adding more than 3,000 new customers for saving account every day, a release by the company said. The app witnessed over ₹100 crore customer deposits in the last 30 days, it added.

According to the release, the Jupiter app offers a real-time breakdown of purchases, automatically sorted into categories. It also has a net worth and debt tracker to track bank balances or active loans from one place, and 1% instant rewards on debit card and UPI spends, which can be redeemed as cash

Jitendra Gupta, founder & CEO, Jupiter, said, “Banking requirements are evolving at a fast pace, especially for the younger audience. Today, consumers don’t see bank as place where you go but it’s what you do with your money. At Jupiter, we are approaching the banking experience with the mindset of an internet company by offering instant resolution to their needs. The ‘Mission Invite’ program is a way to convey our gratitude to initial customers and provide them an opportunity to expand and build a community that is waiting to experience a change in digital banking.”

Founded in 2019, Jupiter is Gupta’s latest fintech venture, aimed at disrupting the financial services industry, after CitrusPay, which, in 2016, recorded one of the then-largest exits in the Indian fintech services ecosystem. The company counts the likes of Brazil-based Nubank, Sequoia Capital, Mirae Assets Venture, 3one4 Capital, among others and was valued at ₹2000 crore in the last round.

 

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