sumHR
2022
Why
HR-tech and payroll software to support corporate salary accounts.
Impact
Operates as a wholly owned subsidiary led by founder Jay Thakur.
Jupiter Money
Indian FintechFinTechFounded 2019- HQ today: Bengaluru, Karnataka, India (registered office: Mumbai)
Reviewed by Swet Parvadiya
Company data updated: October 2026
Acquisitions
Jupiter Money Acquisitions
4
Major Deals Covered
What are Jupiter Money's biggest acquisitions?
This page covers 4 major deals from 2021 to 2022, each with its price where disclosed and the reason behind it.
- Major deals covered
- 4
- First deal
- 2021
- Most recent
- 2022
| Company | Year | Price | Purpose |
|---|---|---|---|
| Easyplan | 2021 | Undisclosed | Goal-based savings app acquired to add savings features. |
| sumHR | 2022 | Undisclosed | HR-tech and payroll software to support corporate salary accounts. |
| EasyPlan | 2021 | Undisclosed | Personal finance and mutual fund investment startup to bolster savings and investment capabilities. |
| Mitter.io | 2021 | Undisclosed | Private cloud-based chat API platform. |
- What companies has Jupiter Money bought?
- Major acquisitions by Jupiter Money documented here include sumHR (2022), Easyplan (2021), EasyPlan (2021) and Mitter.io (2021).
- What is Jupiter Money's most recent acquisition?
- The most recent Jupiter Money acquisition documented here is sumHR, in 2022.
Easyplan
2021
Why
Goal-based savings app acquired to add savings features.
EasyPlan
2021
Why
Personal finance and mutual fund investment startup to bolster savings and investment capabilities.
Mitter.io
2021
Why
Private cloud-based chat API platform.
Jupiter Money's Growth & Acquisition Strategy
Jupiter grows by cross-selling to its existing base rather than by expensive new-customer campaigns. Its levers are Edge RuPay credit cards on UPI, NBFC personal loans, employer salary accounts (helped by the 2022 sumHR acquisition), and account-aggregator money management that draws in users who bank elsewhere. It also looked at buying into a licensed bank (SBM India), but those talks ended in 2026.
How Jupiter Money Makes Money
Jupiter earns money in four main ways. It takes a share of interchange when customers spend on Federal Bank debit cards and CSB Bank Edge RuPay credit cards, including credit card payments over UPI. Its NBFC, Amica Finance, earns interest and processing fees on personal loans; that arm generated ~$1.79 million (₹15.4 crore) of revenue and a ~$147,320 (₹1.27 crore) standalone profit in FY24. It also collects distribution commissions on fixed deposits, insurance and digital gold, and partner fees on salary accounts sold to employers through its sumHR payroll subsidiary. Deposits stay on the partner bank's balance sheet, so Jupiter's job is acquiring customers and selling them more products: about a quarter of active users hold two or more.
Jupiter Money Acquisitions FAQ
What companies has Jupiter Money acquired?
Jupiter acquired the Y Combinator-backed savings app Easyplan in 2021 and HR-tech startup sumHR in 2022 (disclosed February 2023). Crunchbase also lists Mitter. No deal values were disclosed.
Why did Jupiter acquire sumHR?
sumHR's HR and payroll software supports Jupiter's salary-account product for employers. It runs as a wholly owned subsidiary, still led by founder Jay Thakur.
Did Jupiter try to buy a bank?
Yes. For about two years Jupiter held talks to buy a minority stake (initially 5-9%) in State Bank of Mauritius's India arm. The talks collapsed in 2026 after leadership changes at the bank and a new government in Mauritius.
How did Nubank invest in Jupiter?
Brazil's Nubank co-led Jupiter's $45 million Series B in 2021 and remains a shareholder.
What is Jupiter's acquisition strategy?
Jupiter realized that just being a "pretty app" isn't profitable; the real money is in lending. Therefore, their absolute primary strategic move was acquiring their own NBFC (Non-Banking Financial Company) license. This allows Jupiter to physically use its own balance sheet to issue highly lucrative personal loans, rather than just acting as a middleman for Federal Bank.
Related M&A Histories
Compare corporate acquisition records, deal values, and strategic targets
Explore Jupiter Money
Core profile pages, founders and related research hubs for this company.