Jupiter Eyes 26% Stake in SBM Bank India

• 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