Swedish firm Juni, a neobank focused on digital commerce entrepreneurs, has finalized a $206 million Series B and venture debt funding.
Juni’s existing investors including EQT Ventures, Felix Capital, Cherry Ventures and Partners of DST Global are also taking part in the latest round.
Co-founded by CEO Samir El-Sabini and CTO Anders Orsedal back in 2020, Juni is a financial management platform intended for digital commerce that brings together physical and virtual cards, credit cards, accounting, analytics and digital advertising platforms, providing companies a comprehensive view of their finances.
In addition to the Series B, Juni has acquired as much as $106 million in venture debt financing from Silicon Valley’s TriplePoint Capital, which has backed firms such as Square, Revolut, N26, and Monzo.
The Gothenburg-headquartered firm had transitioned out of beta this past month with the introduction of new features.
The launch reportedly involved a rebranding as well as the inclusion of USD accounts, which had been the most frequently requested feature among beta clients.
As mentioned in the update, the live launch includes the integration of Google Ads, which enables real-time Google Ads spend tracking insights, along with automatically extracting credit line invoices and generating/matching receipts for threshold payments.
Juni reveals that during the last year, the company was able to double the number of customers and card spends every quarter, along with expanding its professional team by 644% last year.
This recent launch and rebranding is part of an expansion into the European Economic Area.
CEO El-Sabini stated:
“We’re very proud to have secured this funding in such a challenging environment. We’re on a mission to give ecommerce businesses peace of mind by making financial management easy. I know first-hand the frustrations of running an ecommerce business and time wasted on spend management, the lack of visibility of cashflow and scaling ad campaigns. With this funding, we will help ecommerce businesses win by building the right insights, features and integrations while injecting capital into their marketing spend.”
At a time when other VCs have become a bit reserved, Fatou Bintou Sagnang, director at Mubadala Capital Ventures thinks that there’s a lot of potential left for fast-growing Fintechs that are serving small businesses.
“Despite unprecedented market conditions, we believe fundamental trends are here to stay. Traditional financial institutions continue to underserve the SMB ecommerce market – a customer segment that requires speed, simplicity, and real-time analytics to grow and scale. In Juni, we see a company with strong traction and a fantastic management team addressing this service gap.”
In October of last year, Juni had secured $52 million via Series A follow-on round that was led by EQT Ventures.
The firm has a number of business angels among its early backers, such as NA-KD.com founder Jarno Vanhatapio, former iZettle chief communications officer, Johan Bendz and Niklas Thornestad, who was previously Klarna’s global head of compliance.