Jupiter is in discussions to acquire a 5% to 9.9% stake in SBM India, indicating a growing trend of Indian fintech startups forming partnerships with traditional banks.
The talks underscore a broader trend where Indian fintechs and VC firms are increasingly looking to collaborate with established lenders to enhance their service offerings.
Neobanks like Jupiter are attempting to modernize financial services in India, yet their adoption has been slower compared to markets like Brazil.
Acquiring a stake in SBM India would require approval from the Reserve Bank of India, highlighting the regulatory complexities involved in such deals.
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