Neobank

Without a differentiated product, neobanks have taken the route of other fintechs, such as cards, lending and investments, leaving them to play in a crowded market with specialists

Building a neobank is the toughest thing, says Jupiter’s Jitendra Gupta

"Banking is the most relationship-driven offering towards the consumer, and that's how we got into neobanking as a sector," he said. However, he admitted that taking this route hasn’t been easy.

Neobank Open reduces losses to Rs 170 crore in FY24, but faces revenue challenges amid cost cuts

The narrowing of losses came alongside a 17 percent decline in operational revenue, which fell to Rs 24.81 crore from Rs 29.9 crore in the previous fiscal year.

Revolut’s India grand plans still on shelf three years on

Europe’s largest neobank, which entered India in 2021 with plans to launch a financial super app, is now looking to offer a travel card in April.

Neobank Jupiter raises Rs 100 crore in venture debt from Alteria Capital

Jupiter's focus on increasing offerings comes at a time when the neobanking startup, just like its peers, is struggling to generate revenue

Tiger Global-backed neobank Jupiter, valued at $710 million, earns Rs 40 lakh from operations in FY22

Jupiter's losses increased to Rs 164 crore in FY22 from Rs 14 crore in FY21 as its employee benefit expenses tripled to Rs 68.6 crore from Rs 17.7 crore a year earlier, show regulatory filings

Niyo raises $100 million led by Accel, Lightrock; to focus on lending next

The fundraise comes almost three years after Niyo's Series B round in July 2019. The company plans to begin lending and insurance offerings in the coming year.

Neobank Kaleidofin raises Rs 74 cr in Series B funding led by Michael & Susan Dell Foundation

Kaleidofin focuses on the informal customer segment. Founded in 2018, the startup has over one million active transacting customers across India.

TVS Capital Funds to lead next round in Google-backed Open at a valuation of $1 billion

The $100 million fundraise is a mix of primary and secondary funding and will also see participation from existing investors.

Neobank Jupiter raises $86 mn in Series C round, valuation jumps to $710 mn

Jupiter's founder and CEO Jitendra Gupta told Moneycontrol that the startup will use these funds to grow its customer base and launch its lending product in 2022.

Razorpay raises $375 mn, valuation vaults from $1 bn to $7.5 bn in 14 months

This round is more than all of Razorpay’s previous funding rounds put together. The startup will use the funds for acquisition in the B2B SaaS space and scale up its neo banking arm RazorpayX.

Razorpay eyes $90 billion in Total Payment Volumes for 2022, crosses $50 billion milestone

Amid reports that the startup is looking to raise a fresh round of funds, co-founder Harshil Mathur said that the company is in talks with investors but did not share any concrete plans. Mathur is optimistic that the startup will see a 2.5x growth in revenues in FY22.

Neobanks to seek clarity from Niti Aayog on digital banking licence suggestions

Licensing will allow unregulated neobanks to eventually operate as full-stack digital banks on meeting certain specified requirements.

Neobank Fi raises $50 million in round led by B Capital, Falcon Edge Capital

Fi offers a zero-balance savings account targeting working professionals, with the goal of simplifying banking and savings for them. While it was invite-only until recently, it has now opened up to all users

Neobank Jupiter opens up platform for more users, to look at lending next

Jupiter is opening up its platform for users in an invite-only mode, and plans to onboard 1 million users in the next six months.

Exclusive: Neobank Fi aims for $200-million valuation in new funding round

Neobanks are still a new concept in India, but early traction is leading to successive funding rounds at higher valuations.

Neo bank Open raises $100 million led by Google, Temasek, Visa, and Japan’s SoftBank Investments

This funding round values Open at $500 million and sets up the company to achieve the unicorn status in the course of the next year. Moneycontrol learns that Open may consider raising another round of funds in the next six months.

Jitendra Gupta’s neobank Jupiter wants to be Swiggy for banking: Will it work?

Jitendra Gupta's neobank Jupiter has got 30,000 sign ups in its first three weeks, an encouraging response for one of India's biggest startup bets by the fintech veteran. Moneycontrol looks at Gupta's plan and what does a Swiggy-for-banking experience entail.