Juni, a Swedish fintech startup that develops a banking app and platform for e-commerce and online marketing entrepreneurs, announced that it has raised an additional $52M (approx €44.8M) in its Series A follow-on round of funding, boosting Juni’s Series A round to €73M.
The company had raised $21M in its Series A round in June this year. Including the current round, the company has now raised a total of $76M in funding to date.
Current round investors
The follow-on round was led by EQT Ventures with participation from FJ labs. Existing investors DST Global, Felix Capital, and Cherry Ventures also participated.
According to EQT Ventures’ Partner Ted Persson, “Juni is the fastest-growing fintech we’ve ever seen, by a long stretch. The company has hit an impressive average weekly growth rate of 80 per cent in just five months. We’re excited to help Juni bring a new kind of credit product to the market, disrupting banking platforms for businesses even further.”
The company claims that the proceeds from this round will help it to triple its workforce and launch an industry-first, fully integrated credit line product for its users.
Juni will build the new product entirely in-house, in contrast with traditional banking platforms that tend to offer credit solutions from outside partners. The company claims that it will allow Juni to provide a fast, customer-centric offering, specifically tailored for e-commerce businesses to access short-term credit.
In order to support this growth, the company is accelerating hiring of top talent for its credit team with a plan to hire 120 more employees in the next 12 months.
What does Juni offer?
Juni was founded in 2020 by Anders Orsedal, Jonathan Sanders, and Samir El-Sabini. It is an online banking platform that acts as a financial partner for the next-gen Internet-first companies. The platform aims to empower digital entrepreneurs to make better decisions, enabling them to scale up their operation and release the full potential of digital commerce in their favour.
The platform integrates with banks, major payment providers, and automates routine functions, allowing business owners to concentrate on creating value for the company instead of managing ad spend and invoices.
The company also offers a 1 per cent cashback on business expenditures, integrated accounting tech stacks, and zero FX fees on multi-currency accounts.
Juni claims that from March to May 2021, it increased its total transaction volume by almost 500 per cent month-on-month with a weekly average growth of 81 per cent. Recently, the company surpassed 250 customers who have ordered a card and started using it. This growth has been achieved in only three months.