Swedish fintech Juni lays off a third of its staff just months after raising €198M: Here’s why

Gothenburg, Sweden-based Juni, a fintech firm that develops a banking app and platform for e-commerce and online marketing entrepreneurs, announced on Thursday that it is laying off one-third of its workforce across the business.

The announcement comes five months after raising $206M (approximately €198M) in Series B and venture debt funding in June to build out an e-commerce-focused neobank.

Why?

The Swedish company announced its intention to re-evaluate its organisational structure and operational model to weather a turbulent market.

“We are thankful to remain in a strong financial position and set up to weather a turbulent market, having raised $282M in funding to date. Juni remains on a healthy growth trajectory and continues to show real value to e-commerce businesses in light of the difficult economic climate,” says Samir El-Sabini & Anders Orsedal, co-founders of Juni, in a LinkedIn post. 

Juni says its transaction volumes on its platform have grown over 100 per cent since June this year and also witnessed record growth in transaction volumes processed to date. 

“We, along with our leadership team, are sorry to see friends and colleagues leave. We thank them for their great contributions to Juni, and we will spend the coming days and weeks supporting those departing, providing them with fair exit packages and support through this transition. Then we will reset and refocus, together,” says the co-founders.

Juni: What you need to know

Founded by Anders Orsedal, Jonathan Sanders, and Samir El-Sabini in 2020, Juni is a fintech company that develops a banking app and platform for e-commerce and online marketing entrepreneurs.

The platform aims to empower digital entrepreneurs to make better decisions, enabling them to scale up their operations. The fintech platform integrates with banks, and 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. 

According to the Dealroom, Juni has raised $176M in funding to date from various investors, including Cherry Ventures, Sophia Bendz, Jarno Vanhatapio, Johan Bendz, DST Global Partners, Felix Capital, Cherry Ventures, EQT Ventures, Mubadala Capital Ventures, and TriplePoint Capital.