Fintech veteran Jitendra Gupta’s new neobank venture Jupiter said that it is now opening up its platform to more users. However, new users will be taken on board on an invite-only basis.

“We are like a bank, so the basic expectation of a customer from a bank is that we should have a deposit product and a lending product. These two are our immediate priorities and we will keep adding features on both these products,” said Gupta.

“There are over 50 mainstream banks in India and all of those are doing very well on the retail side. If they all can do well, I am sure 10 neobanks can do well, too. So the market opportunity is very big,” Gupta said.

“The market is crazy right now. There are all kinds of investors available in the world who want to figure out where to deploy their money. Raising money in this market is not a challenge, but we still have more than half of our first-round funding in the bank,” he explained.

Founded in 2019, Jupiter allows users to open a bank account digitally and provides Visa debit cards insights spent by customers.

The startup aims to add lending and deposit products in the next six months. Currently, 200,000 people have opened accounts and another 3,000 users are opening savings accounts on the app that has over 1 billion deposit transactions in the last 30 days, the startup said.

The startup plans to lend only to customers who are bank account holders through the platform. The credit requirements of these customers are expected to be in the range of Rs 10,000 to as high as Rs 3 lakh.

With a total of over $70 million raised till now, Gupta said the startup is adequately funded for the next two to three years.

In a Series A round, Gupta had raised $25 million from investors like Matrix Partners, former Tiger Global head honcho Lee Fixel, Sequoia, 3one4 Capital and others.

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