Jitendra Gupta’s Jupiter said that it is opening up its platform to more users. However, new users will be taken on an invite-only basis. Jupiter is a digital banking platform that lets users open a bank account digitally, gives Visa debit cards and insights on spending by users. Existing users can invite their friends; others can urge the existing users for access to the app.
The digital banking platform is trying to have 1 million users and add lending and deposit products. Right now, 200K people have opened accounts, and another 3,000 are opening savings accounts every day, the startup told. The startup has a non-banking financial company (NBFC) licence and plans to give loans only to users who are bank account holders on the platform. While the product is in the process to launch, the credit requirements of these customers have assumed from Rs 10K to Rs 3 lakhs.
Neobanks are growing quite well with companies like Open, RazorpayX, EpiFi, and Niyo competing with Jupiter. However, Gupta does not see this as a challenge. “There are more than 50 recognised banks in India, and all of them are doing very well on the retail side. If they all can perform well, I am sure ten neobanks can perform well too. So the market opportunity is pretty big,” Gupta said.