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Neobank Jupiter receives wallet license from RBI

EntrackrEntrackr · 1y ago
Neobank Jupiter receives wallet license from RBI
Medial

Neobanking platform Jupiter has received Prepaid Payment Instruments (wallet license) from the Reserve Bank of India (RBI), according to a notification by the apex banking body. The move will allow Jupiter to offer digital wallets to its users for making UPI payments. Currently, Jupiter’s offerings include digital savings bank accounts with in-built money management features like real-time spend insights, tracking liquid assets across bank accounts, personalized savings goals, and sending/receiving funds via UPI. It’s worth highlighting that the Jitendra Gupta-led company already obtained a non-banking finance company (NBFC) license from RBI to lend on its own book. Tiger Global-backed Jupiter was last valued at around $710 million during a $86 million Series C round in December 2021. It has raised over $160 million to debt including a $12 million debt in January 2023. It also counts QED Investors, Peak XV Partners and Matrix Partners as its investors. As per startup data intelligence platform TheKredible, Gupta holds nearly 40% stake in the company followed by Peak XV and Matrix. Jupiter registered Rs 48.86 crore in operating revenue in FY23 from Rs 18.85 crore in FY22. During the period, its losses surged to Rs 327 crore from Rs 163.94 crore. Jupiter competes with the likes of Niyo, Slice, and Fi (formerly epiFi), among others. In 2024, fintech platforms such as Mufin, Nium, Revolut also received go ahead nod from RBI for PPI wallet licence while foodtech major Zomato voluntarily surrendered the payment aggregator and wallet license.

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Exclusive: Peak XV-backed Jupiter expands ESOP pool

EntrackrEntrackr · 1y ago
Exclusive: Peak XV-backed Jupiter expands ESOP pool
Medial

Neobanking platform Jupiter has expanded its employee stock option plan (ESOP) pool by Rs 40 crore (nearly $5 million). With this, the firm has joined a host of growth and late-stage companies which have expanded their ESOP pool in the ongoing calendar year. Jupiter has approved the issuance of 21,665 ESOP options to the “Jupiter Employee Welfare Trust, its regulatory filing accessed from the Registar of Companies (RoC) shows. Each equity share is priced at Rs 18,826.29, including premium, making the total ESOP worth Rs 40.7 crore. In March 2022, Jupiter had its last ESOP buyback worth $4 million for 21 employees. According to the filing, Jupiter’s total ESOP pool formed 7.89% of the total share capital. The development comes at a time when Jupiter is expanding its product portfolio and it recently received wallet licence from the Reserve Bank of India (RBI). The firm also scooped up strategic funding from its existing investor for its non-banking financial (NBFC) business Amica Finance. Entrackr had exclusively reported the development in June. Jupiter was last valued at around $710 million during a $86 million Series C round in December 2021. It has raised over $160 million to date from QED Investors, Peak XV and Matrix Partners among others. As per startup data intelligence platform TheKredible, Jupiter achieved a total revenue of Rs 56 crore but reported a loss of Rs 327 crore in FY23. Jupiter competes with the likes of Niyo, Slice, and Fi among others.

Ahead of IPO, PayU receives final Payment Aggregator license

EntrackrEntrackr · 11m ago
Ahead of IPO, PayU receives final Payment Aggregator license
Medial

Ahead of IPO, PayU receives final Payment Aggregator license PayU has received final authorization from the Reserve Bank of India (RBI) to operate as an online Payment Aggregator. This allows the fintech firm to onboard new merchants onto its platform. In April 2024, PayU received in-principle approval from the RBI to operate as a payment aggregator. “As we move forward, we remain dedicated to building a resilient, compliant, inclusive, and innovation-driven institution—one that serves merchants of all sizes and contributes meaningfully to the Digital India vision of the RBI and the Government,” said a PayU spokesperson. The development comes at a time when PayU is planning for its IPO, eyeing a public listing during the second half of 2025. The company also appointed Pramod Rao as its Chief Risk Officer, who will oversee risk management, regulatory compliance, and strengthen the organization’s financial and operational risk framework. PayU has acquired a 43.5% stake in real-time payments technology firm Mindgate Solutions, enhancing its footprint in India’s real-time payments space and leveraging Mindgate’s expertise to drive digital payment innovation globally. Several other startups have secured authorization from the RBI as payment aggregators. MobiKwik’s subsidiary Zaakpay and PB Fintech’s subsidiary PB Pay received in-principle approval, and BharatPe’s Resilient Payments was granted final approval. Earlier this year, cross-border payments company Skydo received in-principle authorization from the RBI to operate as a Payment Aggregator-Cross Border (PA-CB) entity.

85% Paytm wallet users not to face disruption; rest asked to link wallet to other banks: RBI Guv

Economic TimesEconomic Times · 2y ago
85% Paytm wallet users not to face disruption; rest asked to link wallet to other banks: RBI Guv
Medial

RBI Governor Shaktikanta Das has stated that around 80-85% of Paytm wallet users will not face any disruption due to recent regulatory actions. The Reserve Bank of India (RBI) had barred Paytm Payments Bank Ltd (PPBL) from certain activities and set a deadline of March 15 for users to link their wallets to other banks. The governor emphasized that the RBI supports innovation in the fintech sector and clarified that the regulatory action was directed at PPBL, not fintech companies in general. The National Payments Corporation of India (NPCI) is expected to make a decision on the Paytm payment app license soon. Das also expressed optimism about India's economic growth surpassing the projected figures.

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