Swedish FinTech Juni secures a $52m Series A funding round
By Joy Dumasia
Juni, the financial companion for eCommerce entrepreneurs, has secured $52M in funding led by EQT Ventures, with participation from FJ Labs and other existing investors to add to the $21M already raised from their Series-A round in late June this year. This boosts Juni’s Series A round to $73M and takes the total funding to date to $76M. EQT Ventures joins Partners of DST Global, Felix Capital and Cherry Ventures in backing Juni to disrupt online banking for internet first business customers. The company will use the funds to triple the number of its employees and launch an industry first, fully integrated credit line product for their users.
Founded in June 2020 in Gothenburg, Sweden, co-founders Samir El-Sabini (CEO), Jonathan Sanders (COO), and Anders Orsedal (CTO) have a winning combination of payment, banking, FinTech and technical developer experience between them. As part of Juni’s mission to help eCommerce businesses grow faster, customers will soon access short-term credit, starting with an initial roll-out in the UK.
The follow-on investment from EQT Ventures will allow Juni to build their product entirely in-house, in stark contrast with traditional banking platforms, which tend to offer credit solutions from outside partners. This means that Juni will provide a fast, customer-centric offering, specifically tailored for eCommerce businesses to access short-term credit.
Samir El-Sabini, Founder and CEO at Juni, said: “Everything we do is designed to make life for internet entrepreneurs easier. We’re internet entrepreneurs, too, after all, and before launching Juni, we were in the industry that we cater to today! We understand their pain points and business needs in a way that traditional banking can’t, which in turn means we’re able to offer them a credit product that actually makes sense for them.”
IBS Intelligence reported that RegTech TruNarrative announced that the Swedish banking platform Juni had selected its onboarding and compliance technology services. TruNarrative will aim to offer successful onboarding and client monitoring services to Juni.
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