Neobank Jupiter has raised $86 million in its Series C funding round, according to regulatory filings. The funding round was led by QED Investors, Sequoia Growth Fund and also saw participation from other existing investors like Tiger Global, Matrix Partners, 3one4 Capital and BEENEXT.

The startup’s founder and CEO, Jitendra Gupta, confirmed the fundraising and said that the company’s valuation now stands at $710 million. Founded in 2019, Jupiter is a digital banking platform that permits users to open a bank account digitally, gives Visa debit cards and insights on spending by customers in collaboration with Federal Bank and Axis Bank. Gupta said, “We will utilise these fresh funds by continuing to invest in customer acquisition to have 1 million customers by April 2022. We will also try to enter the lending market by the next year.”

As per the regulatory filings, promoter shareholding will be decreased from 46 per cent to 40 per cent, and institutional and other investors will hold the rest 60 per cent. Jupiter’s losses rose from Rs 6 Crores in FY20 to Rs 14 Crores in FY21. The revenues boosted from Rs 5 Lakhs to Rs 11.79 Crores in FY21. Expenses also jumped from Rs 6 Crores in FY20 to Rs 26 Crores in FY21.