Swedish fintech Juni raises 18.2 million euros

Juni, a fintech company from Sweden that is aimed at ecommerce and marketing entrepreneurs, has raised 21.5 million dollars (18.2 million euros) in a Series A round of funding. The money will be used to focus on Juni’s product development and to hire more people.

As an online banking platform, Juni acts as, what they call, a “financial companion for the next generation Internet-first companies”. The platform is built as a payment solution for online entrepreneurs and integrates with thousands of banks and major payment providers.

Not the first time Juni raised money

The millions of euros were raised from partners of DST Global, Felix Capital, and additional follow-on from Cherry Ventures and other early investors. It’s not the first time that Juni attracted funding; in November last year, the Swedish company raised 2 million euros when it was still only in waiting-list mode.

Juni integrates with thousands of banks and payment providers.

The fresh funding will be used for several occasions. In the coming months, Juni will introduce a few new features, such as automation of administrative tasks, a unified view of financials tailored to online retailers and media buyers, and a number of services to financially empower companies to grow their business.

In addition, Juni wants to grow from the current 28 employees to a team of over 100 people in the next twelve months. According to co-founder and CEO Samir El-Sabini, the funding round (“at such an early stage”) allows the company to sustain the fast growth it has experienced. “We can double down on our product roadmap with full capability.”

500% growth month-on-month

In only three months’ time, from March to May 2021, June saw its total transaction volume grow almost 500 percent month-on-month. Recently, the startup also surpassed 250 customers who have ordered a card and started using it.