“Can a Federal Bank–powered neobank in India transition into a self-licensed multi-product money OS — owning the PPI, card, lending, and investing layers across 3M+ users?”
Jupiter (operated by Amica Financial Technologies) launched in 2021 as a consumer neobank in India, partnering with Federal Bank to deliver savings and salary accounts since fintechs cannot hold an Indian banking license. After raising $86M Series C, it broadened from a banking-overlay app into a multi-product money platform — co-branded credit cards (CSB Bank, Federal Bank), personal loans, loan against mutual funds, mutual funds/FD/digital gold investments, and micro-insurance. In 2024 its subsidiary Amica Payment Services secured an RBI PPI license, allowing Jupiter to issue its own prepaid wallets — a meaningful move from pure BaaS dependency toward a partly self-issued stack.
Jupiter discloses Federal Bank (sponsor bank) as its banking provider, with Federal Bank Limited as its sponsor bank, according to the Embedded Finance Index 2026.
Jupiter does not disclose a bank charter of its own; its banking services are provided through Federal Bank Limited.
Jupiter processes payments through Jupiter UPI (self-operated via Federal Bank) and Amica Payment Services PPI (in-house). Disclosed money-movement rails: UPI.
Jupiter's cards are issued through CSB Bank and Federal Bank (co-branded issuers).
Jupiter connects to bank accounts through Account Aggregator framework (implied via Financial Aggregation/Networth feature).
Jupiter uses Fairexpay (Fairex Asia Limited) for FX and cross-border payouts.
The Embedded Finance Index 2026 maps 8 layers in Jupiter's stack: Payments / PSP (Jupiter UPI (self-operated via Federal Bank) and Amica Payment Services PPI (in-house)); Money movement (UPI); Banking / BaaS (Federal Bank (sponsor bank)); Card issuing (CSB Bank and Federal Bank (co-branded issuers)); Lending (Jupiter Personal Loans and Loan against mutual funds); Open banking (Account Aggregator framework (implied via Financial Aggregation/Networth feature)); Sponsor bank (Federal Bank Limited); FX & payouts (Fairexpay (Fairex Asia Limited)).
Jupiter was founded by Jitendra Gupta and is founded in 2019, headquartered in Mumbai/Bangalore, India.
Jupiter has raised ~$160M+ in total (latest round: Series C, 2021; valuation: $711M (2021)).
Get a read on where your own stack stands against Jupiter and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.