Layoff massacre at Jupiter Money

Layoffs: • CPO fired! Along with CPO, Directors of Products(Payments, Cards, CS & CX, PFM), & multiple PMs have been fired by Jupiter Money.

• Several folks in Engineering fired, risk team folks have been asked to let go as the data leak and privacy is at its toss. SMS mining is being done which fetches every SMS in your phone, permission sneakily taken during onboarding.

Funding struggle & burn: • Monthly burn too high on employees & operations. The founder is batting left, right & center to raise funds. Promote one, fire two folks mentality going on to cut costs. Everyone is just giving KTs.

Reputation in industry: • Very poor reputation in the industry due to instability in the team & incompetent founder. Data breach leading to bad reputation amongst banks as well. Business models aren't sustainable, cards can't be issued by Federal Bank anymore due to the notice by SEBI.

• Co-branded credit cards are the biggest scams running in the industry. These scam fintechs roared just due to the funding cycle of 2019 & 2021.

• Hired folks from branded colleges to improve their reputation for fund raise to the VCs & board, most of them are putting papers now.