# Jupiter Money

> Source: https://docs.barcoder.ai/docs/wallets/jupiter-money
> research date 2026-05-29 · extracted at 2026-10-07
> Publisher: Barcoder — encyclopedia of QR, barcode and payment-code standards

Specifications:
- [Jupiter Money — official](https://jupiter.money/)

## 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) <sup>[1][1], [2][2]</sup>. 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** <sup>[2][2]</sup> by **Jitendra Gupta** (previously co-founded Citrus Pay; CEO PayU India after PayU acquired Citrus Pay 2016).

**2021-2022 — Rapid user growth** <sup>[3][3]</sup>: Quadrupled to 2 million in a year (2022).

**2023-2024 — Multi-bank partnerships + product expansion** <sup>[2][2]</sup>: Federal Bank primary + CSB Bank.

**2025 — Insurance market entry after securing license** <sup>[4][4]</sup>: Major diversification.

**July 2025 — 3+ million users** <sup>[1][1]</sup>.

## 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** | **[UPI QR](https://docs.barcoder.ai/docs/standards/upi-qr)** 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** <sup>[1][1]</sup>:
- **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](https://docs.barcoder.ai/docs/wallets/slice) | Niyo (IN neobank) | Fi Money (IN neobank) | [bunq](https://docs.barcoder.ai/docs/wallets/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** <sup>[1][1], [4][4]</sup>:
- **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]: https://thedigitalbanker.com/neobank-jupiter-enters-insurance-market-after-securing-licence/ "Jupiter enters insurance — Digital Banker"
[2]: https://jupiter.money/ "Jupiter Money — official"
[3]: https://indianstartupnews.com/stories/how-jitendra-gupta-led-jupiter-is-building-its-neobanking-space "How Jitendra Gupta-led Jupiter — Indian Startup News"
[4]: https://aayushbhaskar.com/best-neobanks-in-india/ "Top 5 NeoBanks India Dec 2025 — Aayush Bhaskar"

- [1] [Jupiter enters insurance — Digital Banker][1]
- [2] [Jupiter Money — official][2]
- [3] [How Jitendra Gupta-led Jupiter — Indian Startup News][3]
- [4] [Top 5 NeoBanks India Dec 2025 — Aayush Bhaskar][4]

## Source

Biography extracted from [jupiter-money.md](https://docs.barcoder.ai/source/wallets/jupiter-money). See `matrix.md` for standards-support matrix if present.