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The Bengaluru-based company issued a statement saying its users can get started on Magic Spends by selecting a custom amount (minimum Rs 10) to invest with every transaction.
Users can also set a maximum limit to create a goal for monthly investments, and pause, cancel or redeem the investments made with Magic Spends at any time.
Magic Spends works with UPI (United Payments Interface) and debit cards linked to the user’s Federal Bank account on 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.
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Gupta, who was previously the managing director at PayU India, started Jupiter in 2019. He raised $165 million in equity funding from investors such as Tiger Global and Peak XV Partners.The company allows users to open savings accounts with Federal Bank and also supports UPI-based payments through the app.
Data from National Payments Corporation of India (NPCI) shows that about 6 million transactions originated through the Jupiter app in April 2024. In May last year, the company secured a licence for non-banking financing.