Neobank Jupiter has recently raised $86 million from two of the biggest venture capitals- Tiger Global and Sequoia Capital India. This has raised the prospects of the Neobank, which provides a suite of financial services for the Indian market.
In this article, we will explore the services offered by Jupiter and understand the potential of this neobank.
Background of Jupiter
Jupiter is a neobank based in India with a mission to make banking simple, secure, and joyful for everyone. It has been backed by leading global venture capital firms Tiger Global and Sequoia Capital, who provided the company with $86 million in funding.
Jupiter enables customers to open preference-based digital accounts with advanced features such as artificial intelligence (AI) based expense recommendations and instant money transfers. The service is designed to save users time and help them better manage their finances without aripherals or intermediaries. Additionally, customers can access advanced contactless payment solutions such as UPI and IMPS payments, NEFT transfers, bill payments, and more. These features enable individuals to keep track of their transactions 24/7 while accessing the higher return savings account at far better rates than existing banks in the market.
Jupiter also works with several partners to offer add-on services such as access to loans from authorized lenders and external investments from some of India’s leading mutual funds.
Services Offered
As one of India’s leading neobanks, Jupiter offers users a wide range of services that make digital banking simpler and more efficient. These services include digital payments, digital debit cards, short-term loans, credit card support, digital bank accounts, and more.
Furthermore, with its recent $86 million funding round from Tiger Global and Sequoia Capital India, Jupiter has opened a world of possibilities for its customers.
In this article, we take an in-depth look at Jupiter’s services.
Savings Accounts
Jupiter is a neobank that offers a suite of digital banking products for Indian customers. The company recently secured $86 million in Series C funding from Sequoia Capital India and Tiger Global Management. This influx of capital will enable the company to further enhance its suite of services, particularly its savings products.
When customers open a Jupiter account, they can set up one or more savings accounts. Customers can easily create multiple savings accounts according to their preferences and goals. Each savings account includes innovative features such as real-time transaction tracking, monthly goal setting, personalized investment advice and portfolio/wealth management tools tailored to the customer’s specific goals and needs.
In addition to traditional interest rate earning options, Jupiter offers automated deposit options allowing customers to save small amounts at regular intervals towards their long-term goals. Customers can also leverage peer-to-peer payment networks such as Unified Payments Interface (UPI) or Indian Payment Network (IMPS) through their Jupiter mobile app for secure digital payments into any other bank accounts around India with ease and convenience.
Furthermore, popular budgeting tools are available through the platform helping customers track their financial spending behavior in real-time so that they can make informed decisions about their finances on an ongoing basis.
Mutual Funds
Jupiter, India’s first neobank, offers its customers a wide range of services. Mutual funds are among those services, allowing individuals and companies to invest in stocks and bonds with minimal risk. In addition, Jupiter provides an easily accessible platform for customers to buy, track and sell mutual fund investments at any time online.
With the help of their dedicated team of financial advisors and their easy to use mobile application, customers can maximize their investment returns without worrying about the complexities associated with fund management. In addition to Fixed Deposit Accounts, Jupiter offers tax-saving mutual funds (ELSS), large-cap funds, and sector/thematic funds for clients with higher risk appetite.
They also provide access to ULIPs (Unit Linked Insurance Plans) that serve as a long-term investment solution wherein investors can invest in mutual funds with an assured life cover attached. Thus, helping investors meet their wealth creation objectives while protecting their families in case of any eventuality.
With Tiger Global and Sequoia Capital India recently raising $86 million in Jupiter’s Series B funding round, they are well equipped to offer more innovative solutions such as Robo advisors which will help simplify financial planning further.
Investment Portfolio
Jupiter is a neobank that provides customers an innovative suite of banking and investment services. As part of these services, Jupiter offers an Investment Portfolio which includes balanced investments across different asset classes and diversified funds.
The Investment Portfolio is designed to align with each customer’s risk profile and goals. Customers can select risk profiles ranging from aggressive to conservative. The portfolio contains low-cost ETFs, sourced in the US and India, including stocks, bonds and commodities; managed on the Jupiter platform using state-of-the-art technology. The goal is to provide investors with maximum returns while minimizing risk through diversification.
On the Jupiter platform, customers access portfolio performance metrics such as historical returns and standard deviations over different time frames; view portfolio details such as asset allocation; compare their current portfolio with model portfolios; and read up on investment market news for informed decision-making. Customers can also access customer support over phone or chat should they need questions or assistance about their investments answered quickly and efficiently.
Loan Products
Neobank Jupiter offers customers a suite of loan products powered by its secured data-driven lending platform. In addition, Jupiter has developed innovative credit solutions to meet customer needs by leveraging alternative consumer data and use cases.
Jupiter offers three different loan products: consumer, small business, and commercial property loans to retail businesses. Our partnerships issue Consumer Loans with banks in India with competitive interest rates and no hidden fees. Our Small Business product is issued through an online application process which caters to customers who wish to borrow against their assets or those belonging to their limited company. Likewise, our Commercial Property Loan product is tailored for businesses that need extra working capital or funds for a property purchase.
Each of these loan products is designed with our customers’ safety in mind – all serviced through our secure digital platform which allows them to make real-time payments and manage their accounts from anywhere in the world. Additionally, we offer various repayment methods such as auto-debit, debit card recurring payments, EMI cards etc., giving customers complete flexibility over how they service their debts safely and efficiently.
Neobank Jupiter raises $86 million from Tiger Global and Sequoia Capital India
Neobank Jupiter has recently raised $86 million from Tiger Global and Sequoia Capital India in a recent funding round. This funding injection will accelerate Jupiter’s expansion into new markets and leverage cutting-edge technologies.
While the funding details are yet to be released, this major funding event demonstrates how digital banking is rapidly growing in India.
Let’s explore the services that Jupiter offers.
Overview of recent funding round
Jupiter, a Neobank offering digital financial services, has recently closed its Series B round of funding led by Tiger Global and Sequoia Capital India. The investment of $86 million values Jupiter at over $400 million and brings Jupiter’s total funding to date to $170 million. This adds to the momentum that Jupiter has already achieved through growth, customer acquisition and product announcements in the past year.
The additional capital will further accelerate product development and expand into new markets. In addition, new initiatives such as enhancing user experiences, enrolling new customers, and developing enhanced wealth management products and services may also be funded. Founded in 2017, Jupiter’s mission is to “empower people with technology-enabled financial freedom”; helping them easily save, invest and grow their money. With this latest round of funding, Jupiter aims to continue enabling technology for impactful financial & lifestyle transformation on digital platforms across India.
Investors involved
Neobank Jupiter recently secured $86 million in Series B funding in a round of investment led by Tiger Global and Sequoia Capital India.
Tiger Global is an American hedge fund focusing on global internet, software and technology companies. Sequoia Capital India is one of India’s largest venture capital firms and provides extensive entrepreneurial resources through its network of offices worldwide.
The extra funding will help Jupiter scale quickly and expand to more geographies as it continues to offer customers futuristic experiences with its latest technology offerings. In addition, customers will benefit from this additional infusion of capital, as the company plans to accelerate product development and fuel growth with marketing activity for increased visibility and reach.
Impact of the funding
The recent influx of funding into neobank Jupiter will provide the platform with considerably more resources to facilitate its growth, ultimately allowing it to further develop its services, bolster customer satisfaction and reach a larger user base. Furthermore, with Tiger Global and Sequoia Capital India at its back, Jupiter is now well positioned to expand upon its current product offering, striving to become a one-stop-shop for all your digital banking needs.
A major focus for the company moving forward seems to be investing in AI-based technologies that simplify financial decision making. These AI capabilities may be implemented by helping customers find personalized spending plans that work best for them based on their current account balance and income statement. Such an automated system would not only facilitate more efficient budgeting, but could also significantly impact the number and types of savings plans that general consumers can choose from.
Ultimately, with additional resources from this investment, Jupiter can continue developing innovative tools that allow users to take greater control of their finances as they journey towards financial independence – no matter their starting point.
Conclusion
In conclusion, Neobank Jupiter offers various services and features for consumers and businesses. For example, it allows customers to open virtual bank accounts and access them from their smartphones, offering other features such as NFC payments, curation of financial products, and more.
With the recent influx of investments from Tiger Global and Sequoia Capital India, Jupiter looks poised to become a leading neobank in the Indian market.
