- Fintech firm Jar partners with BharatPe as TSP and Unity Small Finance Bank as PSP to offer UPI TPAP services.
- Jar users can now invest in digital gold and convert it into coins or jewelry with partner support.
One of the leading fintech startup companies in India, Jar, has partnered with BharatPe as a Technology Service Provider (TSP) and Unity Small Finance Bank as a Payment Service Provider (PSP) to offer UPI Third-Party Application Provider (TPAP) services.
With this strategic alliance, BharatPe becomes the first UPI TSP, joining well-known companies like Mindgate and Juspay.
While Unity Small Finance Bank handles the banking processes necessary for these transactions, Jar's interface with BharatPe's TSP platform allows for seamless UPI payment processing.
Users can invest in digital gold through Jar, and with the assistance of the company's partners, they can convert their digital gold into physical gold at any moment in the form of coins or jewelry.
In FY24, Jar's operating revenue climbed 5.6 times to ₹49 crore from FY23's ₹8.7 crore. During FY24, its overall expenses rose by 16.26% to ₹60.38 crore.
No official regulatory filings or verified financial statements for FY25 are available in public sources at this time.
Jar's annualized revenue run rate (ARR) increased from ₹23 crore in December 2023 to ₹270 crore in December 2024, the CEO previously said in a prior social media update.
Jar will use the UPI handle @jarunity, according to the National Payments Corporation of India (NPCI) website.
The Bengaluru, India-based series B firm Jar was established in 2021 by Misbah Ashraf and Nishchay Ag. It functions as a provider of an online platform for investing in gold.
There are 37 active rivals for the company, including 7 that are funded and 1 that has left. Gullak, SafeGold, and GoldMoney are some of its main rivals.
Edited by Harshajit Sarmah
