Neo-Banking Startup Jupiter wins Wallet license from RBI
Jupiter, a new-age neo-banking platform has gets Wallet license – Prepaid Payment Instruments from the RBI – Reserve Bank of India, as per the notification summited by the banking body.
This vital license from RBI will enable the Jupiter to provide wallets to its customers to make UPI payments.
At present, the offerings of Jupiter comprises digital savings bank accounts with inventive and in-built capital management facets such as tracking liquid assets and real-time expense insights over the bank accounts, personal saving objectives and receiving & sending finances through UPI.
To highlight, the tiger global backed company has already gotten a NBFC – Non-banking financing company license from Reserve bank of Indian in the year 2023. Through the license, the company received the status of lending finance on its own book.
Jitendra Gupta-led company was previously estimated at the value of around $710 million during 86 million worth Series C funding round in December 2021. Also, in 2023, the company bagged more than $160 million and 12 million debt in the month of January 2023. The company holds the key players in the market as investors including Matrix Partners, Peak XV Partners and QED Investors.
According to the startup data intelligence platform, Thekredible, Jitendra Gupta clenches around 40 percent stake in the venture next to Matrix and Peak XV.
The neo-banking company recorded 
48.86 crore revenue from the core operetaions in the financial year 2023 from 18.85 crore in the financial year 2022. Throughout the period, the losses of the company hiked to 327 crore from 163.94 crore.
48.86 crore revenue from the core operetaions in the financial year 2023 from 18.85 crore in the financial year 2022. Throughout the period, the losses of the company hiked to 327 crore from 163.94 crore.
Niyo, Slice, & Fi (previously epiFi) are the key competitors for Jupiter in the market.
In the year 2024, the fintech platforms including Revolut, Nium and Mufin received the go-ahead approval from RBI for PPI wallet license whereas the foodtech giant Zomato glady surrendered the license for payment aggregator and wallet.
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