A Swedish financial companion for e-commerce entrepreneurs, Juni has announced that it has bagged $52 million (nearly £38 million) in a funding round. The investment round was led by EQT Ventures along with participation from FJ Labs and other existing investors adds to the $21 million funding it raised in the Series A round in June this year and takes its overall investment raised by the company to $76 million.
EQT Ventures joins Partners of DST Global, Felix Capital and Cherry Ventures in backing Juni to disrupt online banking for internet-first business customers. Juni will use the investment to triple the number of its employees and launch an industry-first, fully integrated credit line product to its users.
Founded in June 2020 in Gothenburg by Samir El-Sabini and Jonathan Sanders, and Anders Orsedal, Juni works with the mission to help e-commerce businesses grow faster. Its new offering will give entrepreneurs better visibility and control over their cash flow while eliminating the arduous admin usually associated with credit repayments. As a financial companion, we want to make it as simple as possible for you to focus on running your business.
UK rollout plans
The proceeds from the round 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. With this, Juni will be able to provide a fast, customer-centric offering, specifically tailored for e-commerce businesses to access short-term credit. To support this, Juni is accelerating its worldwide hiring of top talent for its credit team with a plan to recruit 120 more employees in the next 12 months. Initially, it intends to rollout its services in the UK and its customers will soon be able to access short-term credit.
“Everything we do is designed to make life for internet entrepreneurs easier,” said Samir El-Sabini, Founder and CEO at Juni. “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.”
Ted Persson, Partner at EQT Ventures, stated: “Juni is the fastest-growing fintech we’ve ever seen, by a long stretch. The company has hit an impressive average weekly growth rate of 80% in just five months, and we’re hearing great things from digitally native entrepreneurs. The fact that we’ve known Samir for a long time, and rate him highly made the investment decision easy. We’re excited to help Juni bring a new kind of credit product to the market, disrupting banking platforms for businesses even further.”
Fabrice Grinda, Founding Partner at venture fund FJ Labs, added: “We invest actively in macro-trends, and powering the massive shift to e-commerce has been an integral part of our investments strategy for a number of years. Juni is a game-changing enabler for e-commerce and it is only natural for us to support their journey.”