Wallets/jupiter-money
Jupiter Money
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Overview
Jupiter Money is a leading Indian neobank with 3+ million users (July 2025), operated by Amica Financial Technologies Private Limited — founded 2019 by Jitendra Gupta (former Citrus Pay co-founder + PayU India CEO) [1, 2]. Jupiter operates via partnerships with Federal Bank + CSB Bank rather than holding own banking license — partner-bank model standard for Indian neobanks.
Distinctive 2025 strategy: Jupiter entered insurance market after securing insurance license — substantial diversification beyond core neobanking.
History
2019 — Jupiter founded [2] by Jitendra Gupta (previously co-founded Citrus Pay; CEO PayU India after PayU acquired Citrus Pay 2016).
2021-2022 — Rapid user growth [3]: Quadrupled to 2 million in a year (2022).
2023-2024 — Multi-bank partnerships + product expansion [2]: Federal Bank primary + CSB Bank.
2025 — Insurance market entry after securing license [4]: Major diversification.
July 2025 — 3+ million users [1].
Ownership & operator
Operating entity: Amica Financial Technologies Private Limited (Jupiter Money brand).
Founder + CEO: Jitendra Gupta — Indian fintech serial entrepreneur (Citrus Pay → PayU India CEO → Jupiter).
Major investors: Peak XV (formerly Sequoia India), Matrix Partners, QED, Tiger Global, Brunei Investment Agency.
Partner banks: Federal Bank (primary; savings accounts, deposits, debit/credit cards) + CSB Bank.
Regulator: RBI (via partner banks); IRDAI (insurance license).
Technical integration
| Layer | Description |
|---|---|
| Channels | Jupiter Money mobile app (iOS + Android) |
| Identifiers | Phone number + VPA + card number |
| UPI | [[unified-payments-interface]] integration via partner banks |
| Partner-bank model | Jupiter doesn't hold banking license; Federal Bank + CSB Bank host accounts, issue cards |
| Sub-products | Jupiter Savings Account (Federal Bank) + Jupiter Fixed/Recurring Deposits + Jupiter Debit/Credit Cards (co-branded Federal + CSB) + Jupiter Pots (sub-accounts) + Jupiter Borrow + Jupiter Insurance (2025+) |
Users & growth
2025 [1]:
- Users (July 2025): 3+ million
- Insurance market entry (2025)
Use cases
Daily Indian retail banking (savings + deposits + cards via Federal/CSB Bank partnerships); UPI transfers; Jupiter Pots (sub-accounts savings goals); personal loans (Jupiter Borrow); insurance distribution (Jupiter Insurance, 2025+).
Implementations & partners
Operator: Amica Financial Technologies Private Limited (Jupiter Money).
Partner banks: Federal Bank (primary) + CSB Bank.
Major investors: Peak XV + Matrix + QED + Tiger Global + Brunei Investment Agency.
Insurance regulator: IRDAI (Insurance Regulatory and Development Authority of India).
Major Indian neobank competitors: Niyo + Fi Money + Open + Razorpay X (business) + slice + Freo + ZestMoney.
Fun facts
- 2019 founded by Jitendra Gupta — Indian fintech serial entrepreneur (Citrus Pay co-founder; sold to PayU 2016 for $130M; CEO PayU India 2016-2019).
- 3+ million users (July 2025).
- Partner-bank model: doesn't hold banking license; relies on Federal Bank + CSB Bank.
- 2025 insurance market entry after IRDAI license — major diversification.
- Federal Bank partnership is foundational — instant savings-account onboarding without pursuing own banking license.
Comparison
| Feature | Jupiter Money | [[slice]] | Niyo (IN neobank) | Fi Money (IN neobank) | [[bunq]] (NL analogous EU neobank) |
|---|---|---|---|---|---|
| Operator | Amica Financial Technologies | slice / North East Small Finance Bank (post-merger) | Niyo Solutions | Epifi Technologies | bunq B.V. |
| Type | Partner-bank neobank (Federal + CSB Bank) | Full small-finance bank (post-merger) | Partner-bank | Partner-bank | Full Dutch bank |
| Users | 3M+ (July 2025) | 12M+ credit / 10M+ total | Major | Major | 17-20M |
| Banking license | Partner-bank model (Federal Bank + CSB Bank) | Full SFB | Partner-bank | Partner-bank | Full Dutch bank |
| Distinctive | 2025 insurance market entry; Jitendra Gupta founder | India's first UPI credit card + UPI-led bank branch | Travel-card focus | UI-design focus | EU's first profitable neobank |
Status
Active, Federal Bank-partnered Indian neobank with insurance entry [1, 4]:
- Amica Financial Technologies Private Limited (Jupiter Money) since 2019.
- 3+ million users (July 2025).
- Partner-bank model: Federal Bank + CSB Bank.
- 2025 insurance market entry after IRDAI license.
- Founder Jitendra Gupta (Citrus Pay co-founder + PayU India CEO).
Sources
- 1 Jupiter enters insurance — Digital Banker
- 2 Jupiter Money — official
- 3 How Jitendra Gupta-led Jupiter — Indian Startup News
- 4 Top 5 NeoBanks India Dec 2025 — Aayush Bhaskar
Source
Biography extracted from jupiter-money.md. See matrix.md for standards-support matrix if present.