What is Jupiter, the Indian neobank founded by Jitendra Guptra

jupiter bank

Jupiter is a relatively new fintech spearheaded by a veteran in the field — Jitendra Gupta. The new innovative neobank, after being in beta mode since June 2019, finally went online that very year less than 3 months after its trial run.

3 years later, this Indian fintech is still going strong. Incorporating new features, and opening its gates to new users and partners. In this blog piece, we’ll dive into what Jupiter bank is? Its history, and its features.

What is Jupiter

Founded in early 2019, Jupiter is a digital bank - a neobank - whose innovative platform allows its members to open bank accounts digitally, manage their finance, and get AI-supported insights into their spending and saving habits. The venture startup operates under the umbrella and licensing partner of the Federal Bank and Axis Bank.

“We are like a bank, so the basic expectation of a consumer from a bank is that we should have a deposit product and a lending product. These two are our immediate priorities and we will keep adding features on both these products,” said Gupta in interaction with Moneycontrol.

Jupiter has raised, as of 2021, after various rounds of financing, the startup is valued at $711 million — a massive increase over its 2020 valuation of $300 million. Amongst its investor, we find titans of banking like MUFG Bank - Japan’s largest bank, as well as 3one4 Capital, and Mirae Assets.

In the past 2 years, Jupiter has managed to establish itself as the leading Indian digital bank — 100% online. The startup has amassed a comfortable user base, of over half a million members, that actively and regularly use its services and products. “

We are more than doubling transaction volume each month. We should end this month at over $60 million worth of transactions,” said Gupta.

Jitendra Gupta, meanwhile, the company’s CEO was previously co-founder of other fintech companies like CitrusPay. He is a well-known figure in the fintech community. A veteran of the neobank movement that has paved the way for leading digital payment companies in India.

Jupiter’s main model is based on what Gupta refers to as the “delight” of the banking experience. A broad approach that aims to recur the friction most Indian customers face while engaging with traditional banks.

As of 2021, Gupta’s bet has paid off. Jupiter has more than $145 million in its bank. It has yet to deploy any of the capital raised from its previous rounds. Jupiter offers its customers a bank account, as well as debit card, and burns less than 1 million dollars a month in operational costs.

Banking in Flash — Jupiter Features

Jupiter’s platform allows members to create a bank account in a matter of minutes. It’s 100% digital and accounting to its staff users can set up an account faster than it might take them to post a photo or edit a playlist.

All accounts are hosted in an RBI - Licensed Bank — Federal Bank. They are also ISO and PCI compliant with bank-grade security measures. Finally, all accounts are insured up to ₹5,000,000.

Amongst the features of Jupiter’s basic account product you’ll find:

  • Real-time analysis of your spending and saving habits with key insight.
  • A Jupiter Debit Card tied to your account.
  • The ability to control your account and create saving pots on auto-pilot.
  • Instant money rewards from partnerships as well a 1% cashback on all purchases done with a Jupiter Debit card.
  • Around the clock, fast, “speedy” support from Jupiter’s professional staff.
  • No hidden fees or sneaky bank charges.
  • No minimum fee balance.
  • Fast withdrawal from any ATM.

Jupiter also covers, on its site, fun-filled insight, and educational articles that help its members make a sound financial decision.

Jupiter Products

Jupiter offers its members multiple products and financial tools to better their economic platform and allow them to make smarter financial decisions.

Portfolio Analyser

Find out how your investment portfolio is perfuming. Take a snapshot of which investments are underperforming, which have hidden fees, which leave you exposed to high risk. Get tips on top-performing sectors.


Create “pots” automatically that help you save for multiple goals and track progress in one simple place. No pesky fees and you have access to your funds all the time. As you meet your goal, Jupiter rewards you — cash rewards.


Jupiter uses IP algorithms to analyze your financial habits. See how you use your money, stay on top of your spending, discover where you can have more control and save.

Debit Card

Jupiter debit cards earn its users 1% rewards on all purchases. They are also incredibly secure with different controls that can be activated straight from the Jupiter app, including “slept” and “freeze.” All Jupiter debit cars are free — they don’t have any maintenance fee or annual charges.