Jupiter vs Fi Money has been the talk of the town ever since the majority of Indian folks realized the advantages of neo-banking. The evolution of the internet in India gave rise to the rapid expansion of neo-banks.
How? You may wonder.
Well, for that you need to understand its concept. In the segment of neo-banks in India, two names shine at the top despite being tough competitors of each other i.e. Jupiter vs Fi Money.
So, in this exploration, we will delve into the detailed analysis of Jupiter vs Fi Money from both consumer and business perspectives.
Stay tuned!
(A) Neo-banks in a Nutshell
Both Jupiter and Fi Money are neo-banks. Therefore, you need to understand the concept of Neo-Banking in detail.
(A.1) What are Neo Banks?
Neo banks refer to a new form of banking that operates entirely online to offer banking services in partnership with RBI-licensed banks. Yes, these are digital-only banks without any physical branches. Unlike traditional banks like SBI, Axis Bank, Punjab National Bank, etc. you won’t find any physical branch of Neo Banks.
So how do the consumers and bankers operate their money? Through the internet! Just as mentioned before, Neo Banks are digital-only banks.
You may assume them as money management platforms offering banking services in partnership with RBI-licensed banks.
It provides financial services and solutions through digital platforms such as mobile apps and websites. Jupiter is a mobile app whereas Fi Money is a website-based neo-bank. (Just for info, we will delve deeper into them in the upcoming sections).
Do you know what the best part of Neo Banks is?
Unlike traditional banks, neobanks leverage technology and innovative approaches to provide convenient, user-friendly, and cost-effective banking solutions to their customers. Guess what? You can open a neo-bank account in the comfort zone of your home.
(A.2) Services offered by Neo-Banks
In India, neo-banks have gained popularity in recent years, offering a variety of services and benefits to meet the evolving needs of customers.
Some of the significant services of Neo-Banks are-
- Online account opening
- Mutual fund investments
- Online payments
- No-fee ATM withdrawals
Neo Bankers don’t even have to go through the hassle of opening physical bank branches in remote areas.
(A.3) Are Neo Banks Safe?
Yes, Neo Banks are safe because they are partnered with RBI-licensed banks. So, by default, they’re also regulated by RBI’s policies, just like any other bank.
Also, your deposits up to INR 5.00 lac is insured by the RBI-specified division of DICGC.
*DICGC: Deposit Insurance and Credit Guarantee Corporation
(B) Jupiter vs Fi Money: A Brief Overview
Let’s go through an overall comparison of Jupiter vs Fi Money-
| Particulars | Jupiter Money | Fi Money |
| Industry | Neo-Banking | Neo-Banking |
| Operating Segment | Mobile-only bank | Web-based bank |
| Regulating Authority | RBI (Reserve Bank of India) | RBI (Reserve Bank of India) |
| Founded in | 2019 | 2019 |
| Founders | Jitendra Gupta | Sujith Narayanan, Suit Gwalani |
| Headquarters | Mumbai (Maharashtra, India) | Bengaluru (Karnataka, India) |
| Areas Served | India | India |
| Target Customers | Millennials & GenZ (Young working professionals of age 18-35 years) | Millennials & GenZ (Young working professionals of age 18-35 years) |
| Customer Base | 8,00,000 customers | 30,00,000 |
| Market Valuation | $710 million | $540 million |
| Annual revenue (2023) | $6.98 million | $7.96 million |
| Financial Status | Dipped in losses | Dipped in losses |
| Competitors | Niyo, LXME, Fi, Open Financial Technologies, Paytm, Money Tap, Escrowffrr, Share India | Razorpay X, Kotak 811, FamPay, Jupiter, OCareneo, Freo |
(B.1) Jupiter
Jupiter is an app-based virtual bank that provides comprehensive banking services through digital platforms, particularly mobile applications. It typically offers services such as account opening, money transfers, payments, and financial management tools, all accessible through its mobile apps.
Recently, Jupiter obtained a non-banking finance company (NBFC) license from the Reserve Bank of India, indicating its expansion into lending services as well. For specific details about Jupiter, you can visit its website or contact them directly.
(B.2) Fi Money
Fi-Money is a neo-bank that offers banking services through a digital bank account called “Federal Bank Account.” You can access it through the Fi Money app.
Not only can you track your finances but also manage your money and perform various banking transactions. You can use all of its features seamlessly through your mobile devices.
Note: If you understand the structure of the banking system in India, then go through the article. It will help you get the details better.
(C) Businesswise Comparison of Jupiter vs Fi Money
The business wise comparison analysis is crucial to understand the status of the company in the market. Similar is the case with Jupiter vs Fi Money.
Which one is doing better in the competitive Indian market? Let’s find out-
| Business Parameters | Jupiter | Fi Money |
| Market Valuation | $710 million | $540 million |
| Annual Revenue (FY23) | $6.98 million | $7.96 million |
| Operating Revenue (FY22) | ₹42 lacs | ₹21 crore |
| Total Expenses (FY22) | ₹183 crore | ₹270.8 crore |
| Profit/Loss (FY22) | Loss of ₹163.9 crore | Loss of ₹245 crore |
Financially, both companies are drowned in losses. Do you know the prime reason for that? Their humongous expenses. Let’s see the segments carrying high expenditures of these Neo banking companies i.e. Jupiter vs Fi Money.
(C.1) Expenses Breakdown of Jupiter vs Fi Money (FY22)
Go through the following table for detailed information-
| Expenses | Jupiter | Fi Money |
| Advertising and promotional Expenses | Rs.50.14 crore | Rs.159.2 crore |
| Employee Benefits Expenses | Rs.68.6 crore | Rs.72.56 crore |
| IT & Communication Costs | Rs.20.31 crore | Rs.10.4 crore |
| Legal & Professional Fees | Rs.16.94 crore | Rs.1.86 crore |
| Other Expenses | Rs.27 crore | Rs.26.8 crore |
| Total Expenses | Rs.183 crore | Rs.270 crore |
To expand the customer base, both companies spent aggressively on promotional activities and communication. Also, their legal and professional fees hiked too.
(D) Jupiter vs Fi Money: Features Comparison
The following table describes the comparison analysis of Jupiter vs Fi Money based on their features-
| Features | Jupiter | Fi Money |
| Types of Accounts | Savings Account for all, Pro Salary Account for employees | Salary Account, Deposit Account |
| Minimum Balance Required | Rs.0.00 | Rs.0.00 |
| DICGC Insured | Up to Rs.5 lacs | Up to Rs.5 lacs |
| Health Insurance | Up to Rs.2 lacs | Absent |
| Accidental Insurance | Up to Rs.2 lacs | Absent |
| Debit Card Rewards | 1% | Present |
| On-Demand Salary | Yes | No |
| Mutual Fund Investment (SIPs) | Yes | Yes |
| Instant Loan | Absent | Present with a pre-closure fee (Paperless loans, instant disbursals) |
| Peer-to-Peer Investing Platform | Absent | Fi Jump platform in partnership with Liquiloans (earn 9% per year on your investment) |
| Rewards | 1% reward on Debit Card & UPI transactions | Earn Fi-Coins while making payments, adding money, or opening salary accounts. |
| Extra Features | Health Insurance On-Demand Salary (in Partnership with Liquiloans) Zero Forex Charges | Connected Accounts Ask.fi Fi Jump Instant Loan |
Apart from the features mentioned above, you can also avail some other alluring features on these neo-banks. Go through the next section, and you will find out!
(E) Other Significant Features: Jupiter vs Fi Money
| Features | Jupiter | Fi Money |
| Savings Mechanisms | Pots (like a piggy bank) 2.5% interest on Pots | FIT Rules (or Jars) for automated savings 5.1% interest on savings for various goals |
| Financial Tracking | Auto-categorization for finances Quick and easy views of money flow | Auto-categorization for income and expenses |
| Reward Programs | 1% rewards on UPI and debit card purchases | Fi Coins for various activities Limited Fi Coins Validity Redeemable for vouchers, gifts, or cash |
| Mutual Fund Services | Selection from 1000+ mutual funds Zero penalties on SIP SDIY filter for mutual fund selection | 60+ filters for personalized investments Curated portfolio collections Zero fees on missed SIPs |
(F) Jupiter vs Fi Money: Charges Comparison
You will be charged hardly a few pennies for using different services of Jupiter and Fi Money-
| Particulars | Jupiter | Fi Money |
| Account Maintenance Charges | Rs.0.00 | Rs.0.00 |
| Debit Card Charges | Rs.299 (Card Issuance Fee- One-time fee) Rs.0.00 Annual Maintenance Charges | No Card Issuance Fee No annual maintenance charges for the salary account Rs.199 for every issuance and annual maintenance for regular users. |
| ATM Transactions | Federal Bank: Rs.0.00 Other Banks: Rs.21 after free 5 transactions Balance Enquiry: Rs.11 | Federal Bank: Rs.0.00 Other Banks: Rs.21 after free 5 transactions Balance Enquiry: Rs.11 |
| International ATM Charges | Rs.100 +3.5% forex charge | Rs.100 |
| Balance or mini statement at ATM outside India | Rs.25 for balance enquiry | Rs.100 |
| Card Replacement | Rs.299 | Rs.199 |
| Online Payments (UPI) | Rs.0.00 | Rs.0.00 |
| NEFT, RTGS (Online) | Rs.0.00 | Rs.0.00 |
| Online Payments (IMPS) | Charges applicable from the 6th IMPS transaction | Rs.0.00 |
| Forex Charges | Rs.0.00 charges: Rs.25,000 per month (for Pro account) and Rs.1 lac per month (for Salary Account) 3.5% post the limit mentioned above | Rs.0.00 |
(G) Are Jupiter and Fi Money safe?
When it comes to secure banking apps in India, both Jupiter and Fi Money have got you covered. They deliver a trusted banking experience in collaboration with the RBI-licensed Federal Bank of India, and your data is safeguarded through PCI DSS, ensuring robust data security.
Rest easy, as your investments are in good hands. Jupiter, under its parent company Amica Investment Advisers Private Limited, a SEBI-registered investment adviser, takes care of the security of your financial interests.
Similarly, Fi Money ensures the safety of your investments through its SEBI-registered parent company and investment advisor, epiFi Technologies Private Limited.
All you need is a few documents for opening your account in Jupiter and Fi money-
- PAN Card
- Aadhar Card
- Registered mobile number
- Registered home address
In a nutshell, your information, data, savings, and investments are well-protected, giving you peace of mind without any need for worry!
(H) Final Verdict of Jupiter vs Fi Money: Which One is Better for Consumers?
Here, we arrive at the conclusion of a comparative analysis of Jupiter vs Fi Money. When comparing Jupiter and Fi Money, both are considered excellent options for consumers. They offer various features and services to manage savings accounts, track expenses, invest in mutual funds, access loans, etc.
However, you must note that the opinions and reviews about these neo-banks can vary. How? See, if you are seeking alluring features like greater insurance coverage, a user-friendly interface, on-demand salary, etc. Then, undoubtedly you must go for Jupiter! Also, it offers zero forex charges on their debit card, which can be beneficial for international transactions
But, if you want to track all the savings accounts in a single account, peer-to-peer lending options, higher interest rate on savings, etc. Then, Fi Money is a perfect choice for you.
Overall, the best one depends on your needs and preferences. We hope that this article on Jupiter vs Fi Money will help you to make an informed decision while opting for a neo-bank. Jupiter vs Fi money!
