Jupiter Success Story - How it Extends the Banking that Keeps Pace with You?

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Money transactions are a part of our daily life now! Nowadays, Rs 100 to Rs 200 are even transferred online. In today's world, nobody needs to carry cash along with themselves anymore whenever outdoors. Life has become quite easy now because no one has to really be afraid of thefts and other impending risks involving money. This is all because of the emergence of digital banking. This digital banking, which sprouted under the umbrella of physical banks or financial institutions is now rapidly growing to be a new entity, where all the retail banking services are offered to the customers independently.

Jupiter is one of the promising digital banking startups that is modeled on the neobanking concept. Headquartered in Mumbai, Maharashtra, Jupiter promises a wide range of banking and account-related services, unique savings pots, real-time spend breakdowns and insights, real-time monitoring of your net worth, and more, all of which might also present you excellent rewards. Therefore, with Jupiter, you can master your own money without any hassles. There's no scene of hidden fees at Jupiter. This banking company also provides its users with instant rewards like no one else.

Hooked? Read the Jupiter success story below with along with knowing about the industry, Founders and Team, Startup Story, Business model, Revenue model, Funding and Investors, Competitors, and more!

Jupiter - Company Highlights

  • Startup Name-Jupiter
  • Headquarters-Mumbai, Maharashtra, India
  • Sector-Banking, FinTech, Consulting and Wealth Management 
  • Founder-Jitendra Gupta
  • Founded-2019
  • Valuation-$710 mn
  • Operating revenue-$242.23 (Rs 18,000 in FY21)
  • Total funding-$155 mn (December 2021)

Jupiter - About

Jupiter is a neobank, a digital banking company, which offers the end-users numerous digital retail banking facilities, thereby enabling them to open and operate their bank accounts from the comfort of their homes. Based in Mumbai, Maharashtra, Jupiter also integrates unique facilities to the customers of monitoring their wealth, offers real-time spend breakdowns with insights, and helps them with convenient savings pots for the customers to save for their purchase. Furthermore, all of these can be managed on a real-time basis. The company refrains from deducting sneaky charges as many banks do. Besides, Jupiter bank accounts don't have to be maintained with a minimum balance. Moreover, the amount that you have on your Jupiter account can easily be withdrawn from any of the nearest ATMs in your locality. Jupiter is also considered among one of the fastest payment apps based on UPI.

Jupiter - Industry

The Indian banking sector is forever booming. According to the RBI, the banking sector of India is sufficiently capitalized and well-regulated. Besides, the credit, market, and liquidity risk studies have also indicated that the banking sector in India is resilient and can also withstand global downturns.

The total assets of the public sector banks were estimated at Rs. 107.83 lakh crore (US$ 1.52 trillion) in FY20. When it comes to bank credits, it grew at a CAGR of 3.57% between FY16-FY20. The total credit offered surged to US$ 1,698.97 billion when reported in FY20. Now, if we look at deposits, these also grew at a CAGR of 13.93%, thereby reaching US$ 1.93 trillion by FY20.

The finance and banking space was further backed up by the 'Pradhan Mantri Jan Dhan Yojana', which was launched by Prime Minister Narendra Modi in 2014. This has been done primarily to ensure the spread of the banking sector to the rural parts of the country. Anyways, the banking sector, as of 2021, has already been almost digitized now, where most people prefer their transactions to be online rather than being offline. Besides, with the rise of the various FinTech companies, availing efficient digital banking services has now been faster and easier than it was ever before.

Furthermore, Neobanking is arguably the fastest-growing sub-segment of the fintech space of now. The global neobank market is expected to grow to around $394.6 billion by 2026, according to Zion Market Research. However, the concept of Neobanks is still at a nascent stage in India.

Jupiter - Founder & Team

Jitendra Gupta

Jitendra Gupta is the founder and CEO of the company, Jupiter. He was the Managing Director of PayU for more than two years before founding Jupiter. Prior to that, Jitendra Gupta founded a company as well, named Citrus Payment Solutions Pvt Ltd. Besides, he was also the Chief Manager and the Regional Sales Manager of ICICI Bank where he worked for a total period of seven years. Jitendra Gupta began his career as an Article Trainee at Lodha & Co. and then had a brief stint as a Staff Accountant at RSM & Co. Jitendra Gupta pursued his BCOM degree from the Sydenham College of Commerce & Economics and then went on to obtain a degree as a Chartered Accountant.

Jupiter - Startup Story

Jitendra Gupta then had served Naspers-owned PayU for 3 years when he began his second phase of entrepreneurship in August 2019 and planned to found "something large and impactful", which he missed out on even after staying in the startup ecosystem for over 10 years. Gupta eventually decided to leverage his finance and banking experience in the form of a disruptive idea of revolutionizing the traditional banking system. He aimed towards building a mobile-first experience for all of the Indians. His plan of building a cost-effective and bright digital banking space for the Indians eventually was materialized in the form of Jupiter, with the help of which the younger generations would be able to manage their money well.

Jupiter - Mission and Vision

Jupiter was built with a vision of disrupting the Indian banking system, thereby standing as a business that would transcend the mere transactional relationship with customers.

Jupiter founder, Jitendra Gupta said,  

“We wanted to deliver a personalised banking experience with the mindset of an internet company. Our customer service is not differentiated based on a customer’s balance, and we give them an instant resolution to their needs”.

Jupiter - Name, Tagline and Logo

The neobanking company is named Jupiter because they dream to becoming the biggest financial services company in India.

“We called our product Jupiter, which is the biggest planet, because we have aspirations to become the largest financial services company in India,” said Jupiter Founder Jitendra.

Jupiter - Business Model

Jupiter serves as a digital banking company, which offers a wide range of exciting facilities to help and satisfy the growing demands of young and old in India.

Jitendra Gupta in one of his interviews said that,

'banking is going through massive changes. In such tough days, it has come to the notice of many that digital banking will be the one and only way left for the consumers, who are really looking forward towards something beneficial which is both friendly and consumer-centric at the same time.'

The business model of this company is loosely based on UK's digital mobile-only bank, Monzo and Brazil's Nubank.

Jupiter currently offers four products to save money, as per expert insights, monitor their savings effectively and earn rewards. The largest banking partner of the company is Federal Bank, followed by NPCI and VISA.  

Jupiter - Partnerships

Jupiter has previously partnered with Federal Bank and Visa, which currently powers the neobank that allows the users to issue zero-balance savings bank accounts and debit cards. It also has an association with Axis bank along with the Federal Bank to offer the savings bank account features.  

Jupiter - Acquisitions

Jupiter has acquired 1 company till now, which goes by the name EasyPlan, an AI-powered financial savings app.

Jupiter - Growth and Revenue

The beta app of Jupiter currently serves 800,000+ users who had signed up to the waitlist and will eventually be rolled out to the general public as well. Jupiter released the Bullet Money app, a micro-lending (‘Buy Now Pay Later’) app that will extend small-ticket loans up to Rs 10,000 that the customers can use for UPI-led purchases. Similar to LazyPay, which Jitendra had launched at PayU, Bullet has currently amassed over half a million downloads so far.

Jupiter announced Employee Stock Ownership Plan (ESOPs) worth $4 mn in liquidity transactions for both its past and present employees, as per news dated March 3, 2022.

The Founder and CEO of neobank Jupiter, Jitendra Gupta said “ESOPs instil a true feeling of ownership amongst individuals and are the key to creating long-lasting, generational wealth.”  

Jupiter was in its pre-revenue stage during FY21. Jupiter posted Rs 18,000 as its operating revenue in FY21 from nil income in the previous fiscal. The company has also witnessed some of its revenues coming in from its other income, which equals Rs 11.85 crore and is a significant rise from Rs 7 lakhs in FY20.

Jupiter - Competitors

The top competitors of the company Jupiter are as follows -


epiFi is the topmost competitor of Jupiter. It is headquartered in Bengaluru, Karnataka, India, and was founded in 2019. epiFi competes in the Fintech field.


P10 is also one of the top competitors of Jupiter. This company is headquartered in Bengaluru, Karnataka and was founded in 2019. P10 also competes in the Fintech field.


NiYO is perceived as one of the top competitors of Jupiter like the others mentioned above. This is also a Bengaluru-based company that was founded in 2015. Just like the other 2 companies, NiYO also competes in the Fintech sector.

Jupiter - Future Plans

Jupiter is currently set against the challenge of maintaining the "fine balance between compliance and agility.”

Jupiter - FAQs

Is Jupiter neobank safe?

Jupiter neobank is a fair and transparent digital bank, which ensures that its charges structure is fair. The digital bank doesn't rely on any hidden fees.

What is a Jupiter zero balance account?

Jupiter is designed as a digital bank for the convenience of the uses across the country. The bank promises to be a 100% digital bank, built in partnership with Federal Bank, which extends the zero-balance advantages for the customers where the users shall not have to pay any fees against the saving bank that they will open with Jupiter.

Is Jupiter a banking app?

Jupiter is a digital banking app, established with a simple aim, which is to deliver a banking experience that keeps pace with the users.

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