The team at Juni is pleased to share that they have secured their Electronic Money Institution (EMI) license from Swedish regulator Finansinspektionen.
This is “a first step to enable [them] to issue e-money in Sweden and in time, across Europe.”
According to the firm, this means that Juni and its customers will be able to access a broad range of solutions.
They will be able to:
- Be more flexible and create more tailored offers for our customers by broadening the range of payment products and services available and to go to market quickly
- Introduce modern and progressive compliance procedures that will offer our customers even better protection from fraud – by combining in-house built and third party vendor solutions
- Passport the EMI licence and provide our products and services to all other EU countries, with the aim to do so early next year
- Strengthen our existing payments technology stack in preparation to enter other markets beyond Europe
Company CEO and Co-founder Samir El-Sabini, says:
“This is an important milestone for Juni. It enables us to have an even more robust legal and regulatory framework, ensuring we continue to operate a safe financial ecosystem for our customers. We’re also excited to leverage our EMI licence to broaden our range of payment products and services, and continue to help our customers grow.”
As covered in June 2022, Swedish firm Juni, a neobank focused on digital commerce entrepreneurs, finalized a $206 million Series B and venture debt funding.
The $100 million Series B investment round has been led by Mubadala Capital, whose international Fintech initiatives reportedly include investments in SpotOn, Brex, C2FO, WeFox, and Cardless.
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.