CURRENT AFFAIRS
CURRENT AFFAIRS
Description
Jupiter Money, a Tiger Global-backed neobanking startup, has acquired final approval from the Reserve Bank of India (RBI) to provide digital wallet services. This new product will allow clients to perform UPI payments, money transfers, and other transactions using the Jupiter Prepaid Account, which is set to launch in the coming months.
Prepaid Payment Instruments (PPIs)
Jupiter can now issue PPIs, which have bank account-like functionality, thanks to the RBI clearance. Founder and CEO Jitendra Gupta stated that PPIs provide comprehensive payment capabilities, making them ideal for consumers who prioritize UPI and similar transactions while keeping their accounts secure.
Current Offerings
Jupiter now offers digital savings accounts through a cooperation with Federal Bank and CSB Bank. These accounts include additional features including UPI payments, co-branded credit cards, co-lending for loans, spend and asset trackers, and personalized savings goals.
Business Expansion
The launch of the prepaid account is expected to considerably enhance Jupiter's customer base. Amica Finance, the startup's distinct organization, is licensed as a non-banking finance company, which allows it to provide direct loans.
Funding And Valuation
Jupiter is valued at $654 million as of June 2023, with $165 million raised through various stock and debt rounds. Peak XV Partners, QED Investors, Matrix Partners, Nubank, and MUFG Bank are among those who have invested, with Gupta owning over 40%.
Market Presence
Jupiter, which has over 2 million active consumers, competes with Slice, Fi Money, and Niyo in the neobanking space. Despite a sales increase from Rs 18.85 crore in FY22 to Rs 48.86 crore in FY23, the company's losses soared to Rs 327 crore from Rs 163.94 crore the previous year.
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