Brazil's Nubank leads $44 million funding round in Jupiter at valuation of $300 million

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A month after Jupiter launched its invite-only beta app, the neobank has raised $44 million in a series B round funding, taking its valuation to $300 million. In its series A round funding, while it was still in stealth mode, Jupiter had raised $25 million from investors.

This round was led by Brazil-based Nubank Global Founders Capital, Sequoia Capital and Matrix Partners India along with Mirae Assets Venture. All existing investors, including Addition Ventures, Tanglin VC, Greyhound, 3one4 Capital and Beenext participated pro-rata in the round, Jupiter added.

Jupiter, a neobank – which is a fully digital bank, has partnered with Federal Bank besides Visa and the National Payments Corporation of India (NPCI) to offer services like savings bank accounts and debit cards.

Founder and CEO Jitendra Gupta said, “I am excited to welcome Nubank as Jupiter’s partner in the new banking revolution. They have scaled up so well in Brazil, and we have a lot to learn from them. We’ll take best practices from them, and work together to build an even stronger focus on customer service and products. With this partnership, we will fast forward our execution journey.”

In an interview with Moneycontrol in June, Gupta had said that Jupiter expects to onboard over 100,000 accounts in the next 4-6 months and that the initial focus will be on young working professionals between the 18 to 35 age group.

In 2016, Gupta had sold payments gateway Citrus Pay to Naspers-owned PayU in a $130 million deal, making Jupiter his second startup.