Digital Banking Startup Jupiter Raises $2 million
Jupiter, the digital banking startup founded by former PayU India managing director Jitendra Gupta, has raised an additional $2 million (Rs 15.2 crore) in a top-up funding round led by British venture capital firm Hummingbird Ventures and US-based Bedrock Capital.
The financing comes about five months after Jupiter, which is owned by Amica Financial Technologies, raised $24 million in a seed round from a number of leading venture capital firms including Sequoia Capital, 3one4 Capital, Matrix Partners and Beenext, as well as a clutch of top angel investors.
Jitendra is founder of Amica financial (Jupiter). He aims to create mobile first banking experience for Indian millennials. The idea is to create a savvy and cost effective banking and at the same time help youth manage their money better. Before, Jupiter, Jitendra has been founder of Lazypay and was MD of PayU India. Prior to PayU, he had founded Citrus Pay , a leading digital payments company in India. The same was sold to Naspers in Sept 2016 for USD 130 million in one of the most successful fintech exits.
He has more than 16 years of work experience in banking and financial services industry and considered an expert in payments industry. Prior to Citrus, he was working with ICICI bank for 7 years, wherein he was part of founding team of Retail cross sell and Investment banking division in the bank. During his last stint with the bank, he led the whole initiative of stitching a joint venture between ICICI bank and First Data in Indian market. This was a unique JV ever done between a bank and an independent payments company.
In 4 years, he had grown Citrus in to 300 member+ strong team and raised over USD 25 million. Citrus counts its investors base from Sequoia Capital and E-context Japan to Ascent Capital in Series C round. In 2016, Citrus was sold to Naspers in one of the largest fintech exits in India. He has graduated from Sydenham College, Mumbai and a qualified Chartered Accountant. He also created pay later brand Lazypay and scaled to more than 1 million active consumers using the brand on monthly basis.