Jupiter, a new banking startup, has obtained a license from the Reserve Bank of India (RBI) to operate as a non-banking financial company (NBFC). This development will enable the company to offer credit from its books.
Jitendra Gupta, the founder of Amica Financial Technologies Ltd., a Bengaluru-based startup, has informed ET that Jupiter plans to appoint a professional CEO to manage the operations of the NBFC, as er reported by The Economic Times.
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This development is a significant milestone for Jupiter, as it has been expanding its lending services through collaborations with other NBFCs.
In an exclusive interview with ET, Gupta emphasized the importance of this development in light of recent regulatory changes in the digital lending industry.
“Considering our existing customer base of over 2 million, we will be able to operate at scale to drive business growth,” Gupta said.
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Jupiter began as a neobank and has been focused on developing a credit offering. While it initially launched Bullet, a credit product utilizing UPI rails, it was eventually discontinued in 2021.
With its direct non-banking financial company (NBFC) offering, Jupiter has established a second revenue stream beyond investments and mutual fund distribution. The platform acquires customers through its partnerships with Federal Bank to open new deposits and salary accounts.
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