From a small startup launched in 2013 to currently the world’s largest independent digital bank, Nubank has been evaluated by Euromoney as the Best Bank in Latin America and Best Digital Bank in the continent (among 1000 financial institutions), with a portfolio of more than 40 million customers.
Brazillian neo bank Nubank has co-led a $44 million round in Indian equivalent Jupiter, valuing the pre-launch startup at $300 million.
„Together with venture capital firms Sequoia Capital and Matrix Partners, we led a $44 million investment round in Jupiter, a digital bank with offices in Mumbai and Bangalore, which launched its beta app about a month ago,” according to the press release. This is Nubank’s first pure investment in another company.
Following a beta launch in June, Jupiter is preparing to onboard up to 100,000 customers already signed up to its waiting list, according to Finextra.
The fully digital bank has partnered with Federal Bank, NPCI and Visa, offering a savings account bundled with smart money management tools. Jupiter will also roll out a buy now, pay later product utilising the country’s UPI online transacting platform.
„Nubank and Jupiter share the mission of creating the best possible financial experience for customers, eliminating all the bureaucracy and pain of the current system,” says David Vélez, CEO and founder of Nubank.
With this investment, „we intend not only to be part of another company that seeks to revolutionize the financial system in your country, but also to take advantage of the similarities with the Indian market to promote more and more changes in Latin America,” the company says.
“The Indian and Latin American markets have many similarities and, with this investment, we intend to support them on their path of growth and learn from the challenges they will face there,” added David Velez.
In addition to Brazil, where Nubank already offer various financial products to more than 40 million customers (including accounts , credit cards , loans , investments , life insurance , corporate accounts and more), the fintech also have operations in Mexico and in Colombia – „countries that also suffer a lot from abusive tariffs and poor service from banks”.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below: