Jupiter Money vs Toast: Revenue, Profit and Business Model
Jupiter Money had ~$13.1M of annual revenue in FY2025. Toast had $6.2B of annual revenue in FY2025 and $342M of net income.
Latest financial snapshot
Jupiter Money
- Latest annual revenue
- ~$13.1M (FY2025)
- Net income
- Unavailable here
- Net margin
- —
- Revenue growth
- +298.3% a year, FY2023–FY2025
Toast
- Latest annual revenue
- $6.2B (FY2025)
- Net income
- $342M
- Net margin
- 5.6%
- Revenue growth
- +44.9% a year, FY2019–FY2025
Financial summary
Jupiter Money
Per filings reported by Entrackr, Jupiter's consolidated operating revenue rose about 7x from ~$823,600 (₹7.1 crore) in FY23 to ~$5.94 million (₹51.2 crore) in FY24, and the net loss narrowed 23.1% to ~$27.1 million (₹233.6 crore). The standalone entity reported ~$4.15 million (₹35.8 crore) of operating revenue and a ~$32 million (₹276 crore) loss. In October 2025 the Economic Times reported that revenue had more than doubled in FY25 and the annualised run rate had passed ~$17.4 million (₹150 crore). Total funding is about $185 million, including the October 2025 round of about $15 million from Mirae Asset, BeeNext, 3one4 Capital and Gupta personally, priced at a flat valuation near $600 million. Reports say management is aiming to reach profitability within 12-14 months.
Toast
Toast's revenue rose from $665 million in 2019 to $1.71 billion in 2021, the year of its NYSE IPO, $3.87 billion in 2023, $4.96 billion in 2024 and $6.15 billion in 2025. It reported its first full year of GAAP net income in 2024 ($19 million) and earned $342 million in 2025, with adjusted EBITDA of $633 million. In Q2 2026, revenue grew 23% to $1.91 billion, net income was $154 million, GAAP operating margin reached 26% and the company raised its full-year adjusted EBITDA guidance. Market capitalization was roughly $16-18 billion in September 2026, with shares down about 20% over the prior year.
Revenue and profit by year
Jupiter Money
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$13.1M | — | — | +120.0% | Source |
| FY2024 | ~$5.9M | ~-$27.1M | -456.3% | +621.1% | Source |
| FY2023 | ~$823,600 | — | — | — | Source |
Toast
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $6.2B | $342M | 5.6% | +24.1% | Source |
| FY2024 | $5B | $19M | 0.4% | +28.3% | Source |
| FY2023 | $3.9B | -$246M | -6.4% | +41.5% | Source |
| FY2022 | $2.7B | -$275M | -10.1% | +60.2% | Source |
| FY2021 | $1.7B | -$487M | -28.6% | +107.2% | Source |
| FY2020 | $823M | -$248M | -30.1% | +23.8% | Source |
| FY2019 | $665M | -$209M | -31.4% | — | Source |
Where the revenue comes from
Jupiter Money
- Card interchange
Not formally reported
A share of interchange on Federal Bank debit cards and CSB Bank Edge RuPay credit cards.
- Lending (Amica Finance)
Not formally reported
Interest and processing fees on personal loans: ~$1.79 million (₹15.4 crore) of revenue in FY24.
- Distribution commissions
Not formally reported
Fixed deposits, insurance and digital gold.
- Salary accounts
Not formally reported
Partner fees on accounts sold to employers through its sumHR payroll subsidiary. Consolidated operating revenue was ~$5.94 million (₹51.2 crore) in FY24.
Toast
- Financial Technology Solutions~80%
Card processing fees on restaurant payment volume (about $195 billion of GPV in 2025), plus Toast Capital lending fees.
- Subscription Services~15%
Recurring fees for POS software, kitchen display, online ordering, payroll, scheduling, inventory and marketing modules.
- Hardware and Professional Services~5%
Terminals, Toast Go handhelds and installation, usually priced to win accounts rather than for profit.
Business model and strategy
Jupiter Money
How it 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.
Growth 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.
Competitive advantage
Jupiter's edge is a single app that combines a partner-bank account, a UPI-linked RuPay credit card, its own NBFC credit and investments, plus account-aggregator-based tracking across other banks (over 1 million active account aggregator users).
Toast
How it makes money
Toast sells restaurants a bundled platform and monetizes it in three ways. Financial technology solutions, mainly card processing on the gross payment volume that runs through Toast terminals and online ordering, make up the large majority of revenue (roughly four-fifths in recent filings), though payments carry thinner margins than software.
Growth strategy
Toast's growth strategy has four parts: keep adding small and mid-sized US restaurants through local field sales; win enterprise chains; expand into adjacent food and beverage verticals and international markets (Canada, the UK and Ireland); and raise revenue per location by attaching more software modules, including AI-driven marketing and analytics under the Toast IQ brand.
Competitive advantage
Toast's advantages are its restaurant-only focus, a single platform that ties POS, kitchen display, online ordering, payroll and payments to one data set, field sales density in major US metro areas, and switching costs once staff, menus, kitchens and payroll run on Toast. Its offline mode lets terminals keep taking orders during internet outages.
Questions about Jupiter Money vs Toast
Which company has higher revenue — Jupiter Money or Toast, Inc.?
Jupiter Money had ~$13.1M (FY2025), while Toast, Inc. had $6.2B (FY2025). By latest annual revenue, Toast, Inc. is the larger business, with Jupiter Money showing a smaller revenue base.
What is the market cap of Jupiter Money vs Toast, Inc.?
Toast, Inc. has a market capitalisation of $17.0B. A public market cap figure for Jupiter Money was not available (it may be privately held).
How does revenue per employee compare for Jupiter Money and Toast, Inc.?
Jupiter Money has $29k / employee in revenue per employee, while Toast, Inc. has $947k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Jupiter Money and Toast, Inc. make money?
Jupiter Money and Toast, Inc. generate revenue in fundamentally different ways. Jupiter Money: Jupiter earns money in four main ways. Toast, Inc.: Toast sells restaurants a bundled platform and monetizes it in three ways.
Is Jupiter Money bigger than Toast, Inc.?
By last reported revenue, Toast, Inc. ($6.2B (FY2025)) is the larger company compared to Jupiter Money (~$13.1M (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Jupiter Money vs Toast overview