Jupiter, a leading neobanking platform, has secured a Prepaid Payment Instruments (PPI) license from the Reserve Bank of India (RBI). This new license will enable Jupiter to offer digital wallets to its users, facilitating seamless UPI payments, as per a recent notification from the apex banking body.
Jupiter, led by CEO Jitendra Gupta, already offers digital savings bank accounts integrated with advanced money management features. These include real-time spend insights, tracking liquid assets across various bank accounts, personalized savings goals, and UPI-based fund transfers. The addition of digital wallets will further enhance the platform’s payment capabilities, providing a more comprehensive financial solution for its users.
Previously, Jupiter had also acquired a non-banking finance company (NBFC) license from RBI, allowing it to lend from its own book. This strategic move underscores Jupiter’s commitment to expanding its financial services portfolio and deepening its engagement with users.
Backed by Tiger Global, Jupiter was valued at approximately $710 million following an $86 million Series C funding round in December 2021. To date, the company has raised over $160 million in funding, including a $12 million debt round in January 2023. Other notable investors include QED Investors, Peak XV Partners, and Matrix Partners. According to startup data intelligence platform TheKredible, Gupta holds nearly 40% of the company’s stake, followed by Peak XV and Matrix.
In FY23, Jupiter reported an operating revenue of Rs 48.86 crore, a significant increase from Rs 18.85 crore in FY22. However, the company’s losses also surged to Rs 327 crore in FY23 from Rs 163.94 crore in the previous fiscal year. Despite these losses, the company continues to expand its offerings and market presence.
Jupiter faces competition from other neobanks such as Niyo, Slice, and Fi (formerly epiFi). The fintech landscape in India is rapidly evolving, with platforms like Mufin, Nium, and Revolut also receiving RBI approval for PPI wallet licenses in 2024. In contrast, food tech giant Zomato voluntarily surrendered its payment aggregator and wallet licenses.
Jupiter’s new wallet license marks a significant milestone in its growth journey, further solidifying its position in the competitive fintech sector.
