Jupiter Money Business Model: How Does Jupiter Money Work?

Jupiter Money Business Model

Jupiter Money is among the few names that comes to mind when talking about the neo banking apps in India. It aims to provide users with the easy banking experience by leveraging innovative technology to streamline banking operations in a digital way. 

Jupiter Money Business Model

Jupiter Money is a digital app based bank which is based on the neo banking methodology. It was founded in 2019 by Jitendra Gupta, a serial entrepreneur.

The company is currently being valued at $710 million (Rs.4,950 crore). Also it has obtained a non-banking finance company (NBFC) license from the Reserve Bank of India, indicating the expansion of its services in other streams as well. 

Note: Visit our article, Jupiter Money Profile, to know about the detailed information of its company profile and competition. 


1. Business Model 

Jupiter Money differentiates itself from other neo banking apps by operating on a mobile first model which can also be called as the mobile only bank.

Jupiter Money business model is inspired from Monzo, a UK – based digital mobile only bank, and from Nubank, a Brazil based bank.  

The mobile first model strategy involves building a desktop site first with keeping in mind the mobile version which later on subsequently adapts to larger screens as well, while the traditional old approach involves starting with a desktop site which later on gets adapted to smaller screens (i.e. mobile screens). 

2. Functional Approach 

Jupiter aims to offer their customers a more easy to use and personalized app, which will not only help them in managing their finances but also helps in tracking expenses, paying bills, investing in mutual funds, SIP, and more of it. 

Being a neo bank, it operates fully in a digital environment and does not have any offline branches. Therefore, Jupiter Money collaborates with other traditional banks which acts as the host to customers. 

Jupiter Money working

Revenue Generation 

Jupiter earns revenue through multiple channels. It includes selling premium services, charging commissions on products like loans, insurance policies, and mutual funds via their platform and also from the interest margins on savings accounts and from interchange fees that generate when a customer uses their debit card on their platform. 


Jupiter till date has raised a total funding of $165 million in its funding rounds and marked its latest funding round in March 2023. 

Before that it has raised $24 million in its seed round from big investors like Sequoia, 3one4 Capital, Matrix Partners, and $2 million in additional funding from a British based venture firm and UK based Bedrock Capital, this gathered a lot of attention to the company from the fintech industry as well as from the investors, even before its product launch in the market.

Jupiter in 2020, launched their another app named, Bullet Money App, which is a kind of Buy Now Pay Later app. The app also facilitates small amount loans upto Rs.10,000, which can be used for purchases done via UPI.

However, later on, the app was renamed with Jupiter Edge, with more credit limits upto Rs.20,000. 


Apart from raising a good amount in its funding, the company’s losses have doubled in the latest year 2023, according to the report by Inc42. Its consolidated net losses doubled year-on-year to Rs.327 crore in FY23 with an operating revenue of Rs.7.1 crore.

Not only this, its total expenses also doubled to Rs.382.9 crore from Rs.178.4 crore in FY22. Other reasons for its losses were accounted to be – the rise in its advertising costs, after sales expenses, customer retention costs, etc. 

By looking at the current numbers the company is in losses, however for the following year the story may change. . 

Jupiter Money App


Till date Jupiter has acquired two companies, one named EasyPlan which was acquired on June 28, 2021, and is an AI powered financial savings app to expand its customer base and investment capabilities, while the other one is SumHR which was acquired on September 17, 2023, to boost the salary account offerings. 


Jupiter Money being a neo bank cannot provide banking services alone and does not have any offline branch, thus it partners/collaborates with other traditional banks like Federal banks and Visa, which allows the platform to offer their users with the zero balance savings account feature and debit cards too.

Not only this, it also has a partnership with Axis Bank that helps them in providing savings bank account features. 

Jupiter Money business model revolves around its innovative approach and inclusivity used in the neo banking sector. By combining user centric design and the new technological advancements, the app aims to simplify the digital banking experience for everyone out there. 

Related Posts:

Photo of author
Published By: Aashita Singh
Notify of
1 Comment
Newest Most Voted
Inline Feedbacks
View all comments
Amish Bhisht
Amish Bhisht
25 days ago

This Neo banking is surely making great ways in the Indian market and this app Jupiter is great to use.