Neobank Jupiter is in talks to acquire a 5% to 9.9% stake in SBM Bank India, sources reveal.  Backed by Tiger Global and NuBank, Jupiter's move requires approval from the Reserve Bank of India.  Th...

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- Neobank Jupiter is in talks to acquire a 5% to 9.9% stake in SBM Bank India, sources reveal.
- Backed by Tiger Global and NuBank, Jupiter's move requires approval from the Reserve Bank of India.
- This trend follows Indian fintechs and VCs seeking partnerships with traditional lenders.
- Recent similar moves include Slice merging with North East Small Finance Bank and VC investments in Shivalik Small Finance Bank.
- Jupiter's adoption in India lags behind markets like Brazil, despite partnerships with Federal Bank. 

 Source: [Techcrunch](https://techcrunch.com/2024/09/23/fintech-jupiter-in-talks-to-buy-a-stake-in-sbm-bank-india/)

Fintech Jupiter Eyes Stake in SBM Bank India

Journalist

Fintech Jupiter Eyes Stake in SBM Bank India- Grapevine

- Neobanking startup Jupiter is in talks to acquire up to a 26% stake in SBM Bank India, a subsidiary of Mauritius-based SBM Group.
- The deal, which is subject to approval from the RBI, could see Jupiter become a full-fledged bank.
- Jupiter has raised $170 million from investors and was last valued at about $700 million.
- The company began as a neobanking app in 2019, partnering with mid-sized banks to offer services like credit and debit cards, deposits, salary accounts, and mutual funds.
- The deal with SBM Bank India could significantly set Jupiter apart from other fintechs if it manages to obtain a universal banking license.

Source: [The Arc](https://thearcweb.com/article/jupiter-amica-sbm-bank-india-mauritius-jitendra-gupta-DRIxfMLvqqJon9ud)

Jupiter Eyes 26% Stake in SBM Bank India

Welcome to Indian Startups's Private Community

Fi has a limited set of products but I wonder how are they surviving? Are things good? I think they don't spend on marketing so much as other startups. But still I have never seen anyone using a Fi product as well😅

How is Fi surviving?

Software Engineer

- **MUFG** is the frontrunner to acquire a majority stake in **Yes Bank**, overcoming regulatory voting rights cap.
- **Sumitomo Mitsui** and **Emirates NBD** dropped out due to the 26% voting rights cap.
- **MUFG** has begun due diligence, advised by **JP Morgan**.
- **Yes Bank** shares fell 2.4% amid global market turmoil.
- **MUFG** may buy more than 26% to trigger an open offer, despite the voting cap.

Source: [Mint](https://www.livemint.com/companies/mufg-emerges-as-sole-contender-for-yes-bank-majority-stake-11727941029674.html), [The Economic Times](https://economictimes.indiatimes.com/markets/stocks/news/mufg-rejoins-yes-bank-race-submits-initial-bid-for-a-majority-stake/articleshow/113921718.cms)

MUFG Eyes Majority Stake in Yes Bank

Welcome to Business Roles's Private Community

I am looking for a switch to a startup from a Product Based company. My salary breakup was following - 
Base - 19.5 L
Bonus - 1L
RSU- 2.5 L per yr
SignOn- 1.5L 

In the startup, I asked for a 30% hike on my base. I assumed they will take care of the rest. But to my surprise, they have no such thing as ESOPs, Bonus etc. Then, what should be my fair ask in this case? As of now they are giving me 30% on my Base and that's it. (Fixed  ) . What do I do?

Best Salary Breakup while switching

Hey guys, 

With a heavy heart and after 10-11 months of constant work I am shutting my startup down. Thanks for all the love and support.

What happened was I was able to build the product but couldn't raise enough funds to get the required gov. licenses to go live. I did build a demo mode to let people test out what the app was supposed to be and got more than 250+ sign ups.

For everyone who signed up and where asking me for the invite code sorry but please do test out what it was supposed to be. Use invite code- QWERTYUIOP to access the demo mode. All data will be deleted with in the end of this month so no worries.

Thanks again for all the love and support and let's see what I can build tomorrow.

Invite Code - QWERTYUIOP

Manage all your finances in one place, from tracking spends, budgeting & checking your bank balances all in one.

Pocket - Do More With your money

Shutting it down

Founder

Why did this happen? Slice already owns an NBFC license. What does this help them achieve? 
 "to better serve their shared mission and reach more consumers who currently lack access to basic banking services"

Slice merges with North East Small Finance Bank

It helps them achieve a lot. They can take deposits, extend loans, issue cards without needing a partner and maybe start mutual funds and insurance businesses. Huge W for Slice.

Product Manager

Analyst

Why is everyone leaving Jupiter?

Growth Manager

What's the scene with Indian FinTech companies, like Jupiter, Razorpay, Navi, Fi, Cashfree etc...

I see some of them have started hiring again, are they a good option to join?

What's the current scene with Indian FinTech

While there are lot of VCs coming out with their ‘expert’ outlook on 2024, let’s be real to share our own predictions. Idea is to share and learn and not just mudsling.

Let me go first with few of my own

1. Neobanking will go belly up - it’s really hard to make money in just Savings account led neobanking I believe. With lending increasingly difficult, I think we will see likes of Jupiter going belly up

2. Gold mine of climate tech - climate tech will become more mainstream stream (similar to content and community in 2021, D2C in 2022 and SaaS in 2023)

What are yours?

What are your predictions for 2024 Indian Startup ecosystem?

Has anyone used the Jupiter app? how was your experience in it. I'm seeing a lot of ads and people promoting it so was curious if it actually is that good or just spending money on paid ads.

Jupiter app

How are Indian startups performing in credit cards? Haven’t heard much noise lately from any of them Uni, Slice, Scapia, Kiwi everyone seems to be cooling down at this point.
Last couple of quarters all were pushing a lot in marketing and onboarding.

Startups X Credit Cards

Welcome to Personal Finance's Private Community

Purely investment purpose like FD, Savings, etc
Minimum balance should be zero. 
Oh also good customer service via online/phone

Where should I open my bank account?

- Revolut is gearing up to launch its services in India next year, aiming at the country's top-tier consumers.
- The fintech received approval from India's central bank earlier this year and has been testing products in-house.
- CEO Paroma Chatterjee says they are close to resolving final system bugs and view India as a critical market.
- Revolut seeks to expand revenues outside Europe, with a focus on the Middle East and India.
- The company aims to cater to India's affluent segment, which is about 10-15% of the population. 

 Source: [Financial Times](https://www.ft.com/content/c8b1379a-dde1-4f61-80f3-3ac40b1171fc)

Revolut prepares for 2025 India launch

Welcome to Product Managers's Private Community

Recently gave an interview at Jupiter Money for Senior PM role: 

1. There is an exploratory call to judge the fit - experience, skill and culture wise. 

2. I was told there will be 3-4 rounds of interview and after that they will decide based on cumulative feedback of all the rounds 

3. My first 2 rounds were scheduled - product sense and product strategy rounds. 

4. First, The round got scheduled thrice. 

5. I finally did my product sense round and to me it was one of the the best case study interview I gave. To the proof I also have complete documentation of the live case study I solved and also showed that to few senior product leaders in the industry. They also validated that that it was really well solved. 

6. Next day I was told my round didn’t go as well and they are even cancelling the other rounds. There was no precise feedback which is anyway not expected. I communicated that according to the process I was told that all the rounds would happen and then a decision would be taken. 

7. They ridiculed that. To me it was the case of strong personal bias where interviewer preferred other candidates because of his alumni or for other reasons or strongly did not like me. To avoid personal biases usually organisations do parallel rounds at senior level and take a decision based on cumulative feedback. 

In hindsight, it’s good it didn’t happen. Better to join a merit based organisation then biased and politics led.

Interview Experience at Jupiter Money

Don’t even think about it. The product team is in a really bad place, Rathi was fired, the people he hired after moving in to make his mark have moved on including dunzo pari. Good riddance I would say. Moreover, it’s follow the leadership train in Jupiter so don’t even think about going there at least for a couple of years.

Because you can't trust banks like Yes Bank, PMC etc , you should own immutable, counterparty-risk-free money like Bitcoin. Views?

Fintech Jupiter Eyes Stake in SBM Bank India

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