“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.