Tiger Global and Peak XV Partners-backed neobanking startup Jupiter has received a prepaid payments license from the Reserve Bank of India (RBI), allowing it to offer digital wallet to its customers for making payment, transferring funds and paying bills, The Economic Times reported.

Jupiter founder Jitendra Gupta confirmed the RBI approval and said the company will be introducing a prepaid account facility in coming months.

“PPI functionality today is almost equal to a bank account and has all the required facilities for a user to operate the account for UPI payments and gift cards,” Gupta was quoted as saying by ET

“We can now onboard a wider range of users into our ecosystem who can use the wallet for their small value daily transactions,” he said.

The start-up has so far raised $165 million across multiple equity funding rounds and was valued at $ 654 million as of June 2023, according to data platform Tracxn.

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