Hardeep Singh
Neobank Jupiter, founded by fintech veteran Jitendra Gupta, said on Monday that it is expanding its services to new clients in India. Jupiter has a contractual agreement with Federal Bank to provide investment accounts.
Neobanks are essentially fintech startups that have partnerships with conventional banks but are not directly approved by the Reserve Bank of India (RBI).
Jupiter has relied on a simple welcome strategy to generate client attention. Its beta release in June received over 1.5 lakh requests from clients for early access, which the group promised would be completed within fourteen days.
Jupiter has introduced the ‘Mission Invite’ program, which allows existing customers to invite their friends. Clients without any invite can download the application to receive limited selected invites from the application’s developers.
Jupiter plans to install 1 million accounts during the next six months. According to the organisation’s release, it is now gaining over 3,000 new clients for savings accounts on a daily basis. It claimed that the programme has over 100 crore customer stores in the last 30 days.
According to the release, the Jupiter programme provides a constant breakdown of purchases, which are then classified. It also offers a net worth and debt tracker to track bank balances or active loans from a single location, as well as 1% instant compensations on check card and UPI expenditures, which may be recovered as money.
Jupiter, founded in 2019, is Jitendra Gupta’s most recent fintech endeavor, aimed at disrupting the financial services market, after CitrusPay, which, in 2016, held one of the then-largest ways out in the Indian fintech services system. The company is backed by Brazil-based Nubank, Sequoia Capital, Mirae Assets Venture, and 3one4 Capital, among others, and was valued at 2,000 crores in the previous round.
While Jitendra Gupta was heard saying, as we quote: “Banking requirements are evolving at a fast pace, especially for the younger audience. Today, consumers don’t see banks as places where you go but it’s what you do with your money. At Jupiter, we are approaching the banking experience with the mindset of an internet company by offering instant resolution to their needs. The ‘Mission Invite’ program is a way to convey our gratitude to initial customers and provide them an opportunity to expand and build a community that is waiting to experience a change in digital banking.”
