Tue Sep 24 04:00:05 UTC 2024: ## Indian Neobank Jupiter Eyes Stake in SBM Bank India
**Mumbai, India** – In a strategic move to solidify its presence in the Indian market, neobank Jupiter is reportedly in talks to acquire a stake in SBM Bank India, the local arm of SBM Bank. Sources familiar with the matter suggest the acquisition could range between 5% and 9.9% of the bank.
This move follows a broader trend of Indian fintech startups seeking partnerships with traditional financial institutions. Last year, Slice received approval from the Reserve Bank of India (RBI) to merge with North East Small Finance Bank, expanding its customer base.
Jupiter, backed by Tiger Global and Nubank, has already partnered with Federal Bank to offer modernized financial services to its Indian customers. However, neobanks in India have lagged behind other markets like Brazil, where they have seen faster adoption.
The acquisition is still pending approval from the RBI, but if finalized, it will represent a significant step forward for Jupiter in the Indian market. By securing a stake in SBM Bank India, Jupiter aims to leverage the established bank’s infrastructure and customer base to accelerate its growth and compete more effectively in the increasingly competitive Indian fintech landscape.
The deal also reflects the evolving relationship between traditional banks and fintechs. While competing in certain areas, they are also finding ways to collaborate and leverage each other’s strengths. This trend is expected to continue as the Indian financial market evolves and innovates.
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