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Fintech Jupiter in talks to buy a stake in SBM Bank India

Date September 24, 2024

Writen by Manish Singh

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In the latest instance of an Indian fintech startup pursuing strategic partnerships with traditional banking institutions, neobank Jupiter is in talks to acquire a stake in SBM Bank India, three sources familiar with the matter told TechCrunch.

Jupiter, backed by Tiger Global and Nubank, is in discussions to buy a 5% to 9.9% stake in SBM India, the local arm of SBM Bank, the sources said. 

A deal is yet to be finalized, and it will require approval from India’s central bank, the Reserve Bank of India (RBI), the sources added. 

The talks follow a broader trend among Indian fintech startups and venture capital firms that are seeking to forge ties with lenders in the South Asian market. Indian fintech Slice received RBI’s approval to merge with North East Small Finance Bank last year in a move that Slice said would allow it to “serve a wider audience, including those often overlooked.”

VC firms Lightspeed and Sorin recently invested in Shivalik Small Finance Bank, following investments by Accel and Quona in the lender. TechCrunch previously reported that Lightspeed was in talks to back the lender.

Premji Invest, Multiples, Zerodha, Gaja Capital and MobiKwik were among those who were evaluating an investment in Nainital Bank, a subsidiary of Bank of Baroda. 

Jupiter and SBM India didn’t immediately respond to requests for comment.

Jupiter partners with Federal Bank to provide its Indian customers with modernized financial services. However, the adoption of such neobanks in India has lagged behind other markets, such as Brazil, where they’ve gained traction more rapidly.

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