Saturday, June 22, 2024
HomeStart UpJupiter Money launches new savings feature for millennial users

Jupiter Money launches new savings feature for millennial users

Jupiter Money, a fintech startup, introduced ‘Magic Spends’, a feature to motivate millennials to save and invest actively.

According to a statement from the Bengaluru-based company, users can begin using Magic Spends by choosing an amount (at least Rs 10) to invest with each transaction.

Young buyers increasingly opt for online shopping on e-commerce sites, food delivery apps, and quick commerce platforms. Jupiter Money’s latest feature enables them to invest a set sum whenever they transact via the company’s mobile app. These investments are directed towards digital gold and mutual funds.

Additionally, users can establish a monthly investment goal by setting a maximum limit and can pause, cancel, or redeem their Magic Spends investments anytime they wish.

Magic Spends operates seamlessly with UPI (United Payments Interface) and debit cards connected to users’ Federal Bank accounts within the Jupiter app.

“Jupiter has always been committed to improving the financial wellness of our customers through innovative features that create healthy habits. Magic Spends takes this mission a step forward,” said Jitendra Gupta, founder of Jupiter Money.

Gupta, formerly the managing director at PayU India, founded Jupiter in 2019. He secured $165 million in equity funding from investors like Tiger Global and Peak XV Partners.

The company enables users to open savings accounts with Federal Bank and facilitates UPI-based payments through its app.

According to data from the National Payments Corporation of India (NPCI), approximately 6 million transactions were initiated via the Jupiter app in April 2024. Additionally, in May of the previous year, the company obtained a license for non-banking financing.

Subscribe To Newsletter


BRL Editor
BRL Editor
Business Review Live covers finance, technology, travel, lifestyle, and everything in between through exclusive interviews and analysis, market statistics, digital video, and an expanded array of content formats.