Neo-banking startup Jupiter has secured a prepaid payment license from the Reserve Bank of India (RBI). A Prepaid Payment Instrument (PPI) licence is a regulatory approval issued by RBI to entities providing prepaid payment services. With the RBI’s approval, the prepaid account facility will reportedly be introduced in the coming months.
Founded in 2019 by Jitendra Gupta, Jupiter Money is a digital banking startup that provides a range of financial services via its website and mobile app, including credit cards, expense management, UPI payments, savings accounts, investments, loan services and mutual funds. Some of the investors that back the start-up include Tiger Global, Peak XV and Matrix Partners.
Jupiter has raised $165 million through multiple equity funding rounds till now.
Earlier this year, Amica Financial Technologies received a Non-Banking Finance Company (NBFC) licence from the central bank.
Amica Financial Technologies operates Jupiter.
