Juni, a Swedish fintech startup that develops a banking app and platform for e-commerce and on-line advertising and marketing entrepreneurs, introduced that it has raised an extra $52M (approx €44.8M) in its Collection A follow-on spherical of funding, boosting Juni’s Collection A spherical to €73M.
The corporate had raised $21M in its Collection A spherical in June this yr. Together with the present spherical, the corporate has now raised a complete of $76M in funding so far.
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Present spherical buyers
The follow-on spherical was led by EQT Ventures with participation from FJ labs. Present buyers DST World, Felix Capital, and Cherry Ventures additionally participated.
In response to EQT Ventures’ Companion Ted Persson, “Juni is the fastest-growing fintech we’ve ever seen, by an extended stretch. The corporate has hit a formidable common weekly progress charge of 80 per cent in simply 5 months. We’re excited to assist Juni carry a brand new type of credit score product to the market, disrupting banking platforms for companies even additional.”
The corporate claims that the proceeds from this spherical will assist it to triple its workforce and launch an industry-first, totally built-in credit score line product for its customers.
Juni will construct the brand new product completely in-house, in distinction with conventional banking platforms that have a tendency to supply credit score options from exterior companions. The corporate claims that it’ll permit Juni to supply a quick, customer-centric providing, particularly tailor-made for e-commerce companies to entry short-term credit score.
So as to help this progress, the corporate is accelerating hiring of prime expertise for its credit score workforce with a plan to rent 120 extra workers within the subsequent 12 months.
What does Juni supply?
Juni was based in 2020 by Anders Orsedal, Jonathan Sanders, and Samir El-Sabini. It’s an internet banking platform that acts as a monetary associate for the next-gen Web-first corporations. The platform goals to empower digital entrepreneurs to make higher selections, enabling them to scale up their operation and launch the complete potential of digital commerce of their favour.
The platform integrates with banks, main cost suppliers, and automates routine capabilities, permitting enterprise homeowners to focus on creating worth for the corporate as a substitute of managing advert spend and invoices.
The corporate additionally gives a 1 per cent cashback on enterprise expenditures, built-in accounting tech stacks, and 0 FX charges on multi-currency accounts.
Juni claims that from March to Could 2021, it elevated its complete transaction quantity by nearly 500 per cent month-on-month with a weekly common progress of 81 per cent. Not too long ago, the corporate surpassed 250 clients who’ve ordered a card and began utilizing it. This progress has been achieved in solely three months.
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