Neobanking platform Jupiter has been granted a Prepaid Payment Instruments (PPI) license by the Reserve Bank of India (RBI), enabling it to offer digital wallets to its users. This significant development was confirmed by a notification from the apex banking body.
The wallet license will allow Jupiter to enhance its current suite of financial services, which already includes digital savings bank accounts equipped with advanced money management features. These features provide users with real-time spend insights, the ability to track liquid assets across multiple bank accounts, set personalized savings goals, and facilitate sending and receiving funds via the Unified Payments Interface (UPI).
Jupiter, led by CEO Jitendra Gupta, had previously secured a non-banking finance company (NBFC) license from the RBI, which permits the company to lend from its own books. This latest regulatory approval further solidifies Jupiter’s position in the rapidly growing fintech sector.
“We are thrilled to receive the wallet license from RBI. This will enable us to provide a more comprehensive suite of digital financial services to our users, enhancing their banking experience and making digital transactions even more seamless,” said Jitendra Gupta, CEO of Jupiter.
The neobank has seen considerable backing from notable investors, including Tiger Global, QED Investors, Peak XV Partners, and Matrix Partners. In December 2021, Jupiter was valued at approximately $710 million during its $86 million Series C funding round. The company has raised over $160 million in total funding, including a $12 million debt round in January 2023. According to startup data intelligence platform TheKredible, Gupta holds nearly a 40% stake in the company, followed by Peak XV and Matrix.
Financially, Jupiter reported an impressive growth in operating revenue, recording Rs 48.86 crore in FY23, up from Rs 18.85 crore in FY22. However, the company’s losses also increased, surging to Rs 327 crore from Rs 163.94 crore during the same period.
Jupiter faces competition from other fintech platforms such as Niyo, Slice, and Fi (formerly epiFi). In 2024, several fintech platforms, including Mufin, Nium, and Revolut, also received approval from the RBI for PPI wallet licenses. In contrast, foodtech major Zomato voluntarily surrendered its payment aggregator and wallet license.