India-based digital banking start-up Jupiter has raked in approximately $44m in Series B funding round at a valuation of more than $300m.

The round was co-led by Brazil-based Nubank, Global Founders Capital, Sequoia Capital and Matrix Partners India.

The round also saw participation from Mirae Assets Venture and existing investors including Addition Ventures, Tanglin VC, 3one4 Capital, Greyhound and Beenext.

Founded in 2019, the firm has raised $70m till now and is all set to launch its app to the public next month.

The 100% digital lender has partnered with Federal Bank, Visa, and National Payments Corporation of India to offer services such as savings account, debit cards and buy now pay later on UPI.

Nubank founder and CEO David Vélez said: “Nubank and Jupiter share the mission of making banking the best experience possible for our customers, putting an end to all the bureaucracy and the pain in the current system. The Indian and Brazilian markets have many similarities and through this investment, we aim to support Jupiter in their growth path.”

Jupiter founder and CEO Jitendra Gupta was quoted by Money Control as saying: “I am excited to welcome Nubank as Jupiter’s partner in the new banking revolution. They have scaled up so well in Brazil, and we have a lot to learn from them. We’ll take best practices from them, and work together to build an even stronger focus on customer service and products. With this partnership, we will fast forward our execution journey.”

The company is owned by Amica Financial Technologies. Its business model is loosely based on UK-based digital mobile-only bank Monzo and Nubank.