Jupiter - How it Extends the Banking that Keeps Pace with You?

Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations.

Money transactions are a part of our daily life now! Nowadays, Rs 100 to Rs 200 are even transferred online. In today's world, nobody needs to carry cash along with themselves anymore whenever outdoors. Life has become quite easy now because no one has to really be afraid of thefts and other impending risks involving money. This is all because of the emergence of digital banking. This digital banking, which sprouted under the umbrella of physical banks or financial institutions is now rapidly growing to be a new entity, where all the retail banking services are offered to the customers independently.

Jupiter is one of the promising digital banking startups that is modeled on the neobanking concept. Headquartered in Mumbai, Maharashtra, Jupiter promises a wide range of banking and account-related services, unique savings pots, real-time spend breakdowns and insights, real-time monitoring of your net worth, and more, all of which might also present you excellent rewards. Therefore, with Jupiter, you can master your own money without any hassles. There's no scene of hidden fees at Jupiter. This banking company also provides its users with instant rewards like no one else.

Hooked? Read the Jupiter success story below along with knowing about the industry, Founders and team, Startup story, Business model, Revenue model, Funding and Investors, Competitors, and more!

Jupiter - Company Highlights

Jupiter - About
Jupiter - Industry
Jupiter - Founder and Team
Jupiter - Startup Story
Jupiter - Mission and Vision
Jupiter - Business Model
Jupiter - Employees
Jupiter - Funding & Investors
Jupiter - Investments
Jupiter - Shareholdings
Jupiter - Acquisitions
Jupiter - Growth and Revenue
Jupiter - Partnerships
Jupiter - Advertisements and Social Media Campaigns
Jupiter - Competitors
Jupiter - Future Plans

Jupiter - About

Jupiter is a banking app which delivers a banking experience that fluidly changes with the speed of the user. Jupiter guarantees transparency in financial transactions by demystifying technical banking jargon. With a wide range of modern features, the app provides insightful analysis based on spending habits. Jupiter makes financial management simple and confident, enabling users to move confidently and easily across the banking environment.

Besides this it also integrates unique facilities to the customers of monitoring their wealth, offers real-time spend breakdowns with insights, and helps them with convenient savings pots for the customers to save for their purchase. Furthermore, all of these can be managed on a real-time basis. The amount on your Jupiter account can easily be withdrawn from any of the nearest ATMs in your locality. Jupiter is also considered among one of the fastest payment apps based on UPI.

Jupiter - Industry

The Indian banking sector is forever booming. According to the RBI, the banking sector of India is sufficiently capitalized and well-regulated. Besides, the credit, market, and liquidity risk studies have also indicated that the banking sector in India is resilient and can also withstand global downturns.

The finance and banking space was further backed up by the 'Pradhan Mantri Jan Dhan Yojana, which was launched by Prime Minister Narendra Modi in 2014. This has been done primarily to ensure the spread of the banking sector to the rural parts of the country. Anyways, the banking sector, as of 2021, has already been almost digitized, where most people prefer their transactions to be online rather than being offline. Besides, with the rise of the various FinTech companies, availing efficient digital banking services has now been faster and easier than it was ever before.

In 2023, the global neobank market is projected to grow from $143.29 billion in 2024 to $3,406.47 billion by 2032, a remarkable compound annual growth rate (CAGR) of around 48.6%. Due to their meteoric rise and widespread adoption of digital banking technologies, neobanks are positioned as major players reshaping the global financial environment.

Slice Success Story | Startup Story | Founder | Funding | Investors |

Slice credit card is considered to be a super card. It is also known as India’s top credit card competitor. The founder of the company is Rajan Bajaj. Know more about the funding, business, revenue models, etc.

StartupTalkyPurbalee Dutta

Jupiter - Founder and Team

Jitendra Gupta

Jitendra Gupta is the founder and CEO of the company, Jupiter. He was the Managing Director of PayU for more than two years before founding Jupiter. Prior to that, Jitendra Gupta founded a company as well, named Citrus Payment Solutions Pvt. Ltd. Besides, he was also the Chief Manager and the Regional Sales Manager of ICICI Bank where he worked for a total period of seven years. Jitendra Gupta began his career as an Article Trainee at Lodha & Co. and then had a brief stint as a Staff Accountant at RSM & Co. Jitendra Gupta pursued his BCom degree from the Sydenham College of Commerce & Economics and then went on to obtain a degree as a Chartered Accountant. He is also a founder at Digifin.

Jupiter - Startup Story

Jitendra Gupta then had served Naspers-owned PayU for 3 years when he began his second phase of entrepreneurship in August 2019 and planned to found "something large and impactful", which he missed out on even after staying in the startup ecosystem for over 10 years. Gupta eventually decided to leverage his finance and banking experience in the form of a disruptive idea of revolutionizing the traditional banking system. He aimed towards building a mobile-first experience for all of the Indians. His plan of building a cost-effective and bright digital banking space for the Indians eventually was materialized in the form of Jupiter, with the help of which the younger generations would be able to manage their money well.

What gave rise to the Mobile Industry in 2020?

The mobile industry is an industry which has witnessed a massive growth in 2020. Lets dive deeper to understand what gave rise to it.

StartupTalkyManav Makhija

Jupiter - Mission and Vision

Jupiter was built with a vision of disrupting the Indian banking system, thereby standing as a business that would transcend the mere transactional relationship with customers.

Jupiter founder, Jitendra Gupta said,

“We wanted to deliver a personalised banking experience with the mindset of an internet company. Our customer service is not differentiated based on a customer’s balance, and we give them an instant resolution to their needs”.

Jupiter - Name, Tagline and Logo

The neobanking company is named Jupiter because they dream to becoming the biggest financial services company in India.

“We called our product Jupiter, which is the biggest planet, because we have aspirations to become the largest financial services company in India,” said Jupiter Founder Jitendra.

Jupiter - Business Model

Jupiter serves as a digital banking company, which offers a wide range of exciting facilities to help and satisfy the growing demands of young and old in India.

The business model of this company is loosely based on UK's digital mobile-only bank, Monzo, and Brazil's Nubank.

Jupiter offers four products to save money, as per expert insights, monitor their savings effectively, and earn rewards as per news report of 2021. The largest banking partner of the company is Federal Bank, followed by NPCI and VISA.

What changes we might see in Banking after the pandemic?

As Technology and innovation has transformed every industry lets take a look at how will it transform the banking industry post pandemic.

StartupTalkyPooja Uniyal

Jupiter - Employees

Jupiter announced Employee Stock Ownership Plan (ESOPs) worth $4.9 million in liquidity transactions for both its past and present employees, as per news dated Aug 5th, 2024.

"The Founder and CEO of neobank Jupiter, Jitendra Gupta said “ESOPs instil a true feeling of ownership amongst individuals and are the key to creating long-lasting, generational wealth.”

Jupiter - Funding and Investors

Jupiter has raised a total of $169.5 million over the six funding rounds it has seen so far.

Here are the funding details:

Some leading investors of Jupiter are Global Founders Capital, Sequoia Capital, Matrix Partners, and more.

Jupiter - Investments

Jupiter has made a total of 2 investments to date.

Here's the list of the Jupiter's investments:

Jupiter - Shareholdings

Here are the prominent shareholders of Jupiter as of May 2024 (source Tracxn):

Jupiter - Acquisitions

Jupiter has acquired two companies till date, which goes by the name sumHR acquired on September 17, 2023, and EasyPlan, an AI-powered financial savings app acquired on June 28, 2021.

Jupiter - Growth and Revenue

The beta app of Jupiter serves 100,000+ users who had signed up to the waitlist and eventually was about to be rolled out to the general public as well as per the news report of June 2022. Jupiter released the Bullet Money app in 2020, a micro-lending (‘Buy Now Pay Later’) app that to extend small-ticket loans up to INR 10,000 for the customers to use for UPI-led purchases. The Bullet Money app has been renamed Jupiter Edge, where the credit limit is calculated based on your credit score.

Revenue

The fintech company Jupiter recorded a seven-fold increase in its operating revenue, reaching INR 51.2 crore in FY24, up from INR 7.1 crore in FY23.

Despite the spike in revenue from operations, the company managed to reduce its consolidated net loss, lowering it from INR 303.97 crore in FY23 to INR 233.63 crore in FY24, a 23.1% drop. Jupiter's financial dynamics highlight the impressive techniques and strategies utilised while operating in the competitive fintech space throughout the given fiscal year.

Notably, Jupiter also reduced its total expenses such as software and technology, digital infrastructure investments, legal, advertising, and other operational expenses. These efforts led to a reduction of expenses to INR 330.1 crore in FY24 from what used to be INR 359.9 crore in FY23. An 8.3% decrease in overall expenses.

Jupiter Expenses Breakdown

Jupiter - Partnerships

Jupiter has previously partnered with Federal Bank and Visa, which powers the neobank that allows users to issue zero-balance savings bank accounts and debit cards. It also has an association with Axis Bank along with the Federal Bank to offer savings bank account features.

In 2022, Jupiter partnered with Razorpay, choosing it as their primary payment platform, particularly for lending operations. Later in 2024, Jupiter found themselves partnered with Bold Care to address finances and intimacy.

Jupiter - Advertisements and Social Media Campaigns

Make Any Day Salary Day - End of shady loan apps

This advertisement video emphasizes the risks associated with taking out month-end loans from questionable apps. In the movie, a Pehelwaan, a goon employed by these rapid loan applications to retrieve any money they have loaned to defaulters, is shown.

It exposes the unsavory truths of obtaining quick loans from these kinds of apps, particularly month-end loans. The endearing account of one such Pehelwaan serves as a warning about the dubious nature of these lending apps, their exorbitant interest rates, and their concealed terms and conditions.

Jupiter - Competitors

The top competitors of the company Jupiter are as follows -

Fi

Fi is the topmost competitor of Jupiter. It is headquartered in Bengaluru, Karnataka, India, and was founded in 2019. Fi competes in the Fintech field.

NiYO

NiYO is perceived as one of the top competitors of Jupiter like mentioned above. This is also a Bengaluru-based company that was founded in 2015.

Jupiter - Future Plans

Jupiter is set against the challenge of maintaining the "fine balance between compliance and agility.”

As per January 2023 news report, the company is seeking to differentiate itself from competitors by offering users customized and agile credit products.

FAQs

Is Jupiter neobank safe?

Jupiter neobank is a fair and transparent digital bank, which ensures that its charges structure is fair. The digital bank doesn't rely on any hidden fees.

What is a Jupiter zero balance account?

Jupiter is designed as a digital bank for the convenience of the uses across the country. The bank promises to be a 100% digital bank, built in partnership with Federal Bank, which extends the zero-balance advantages for the customers where the users shall not have to pay any fees against the saving bank that they will open with Jupiter.

Is Jupiter a banking app?

Jupiter is a digital banking app, established with a simple aim, which is to deliver a banking experience that keeps pace with the users.