In the latest development, Juno, a digital payment platform, has secured £1.6M seed investment from angel investors and venture capital firms, including Lakestar, Six Group’s, and JME Ventures.
The company has also launched the first digital payments platform in the UK to leverage Open Banking technology.
The company will interface with every major European Bank through the Open Banking framework, eliminating the need for users to access their bank accounts or share card details to pay, effectively masking the details that criminals rely on to commit card fraud and making payments faster and more secure.
Further, intelligent automation will be added to upcoming product versions, including automatic payment of invoices by the due date, automatic cash flow updates, optical character recognition (OCR) to eliminate manual input of invoice details, and integration with accounting software.
Consumers can also use the app to request and make payments effortlessly, making chasing money owed from friends, family, and housemates a thing of the past. They can split bills and other expenses and get paid instantly by sharing a secure payment email, link, or QR code.
Digital payment platform
Founded by Pete Bailey and Darren Westlake, Juno is a digital payment platform that enables faster and more secure payments for businesses and consumers.
Juno is on a mission to reduce the cost and complexity of payments, making late payments a thing of the past for individuals and small and medium-sized businesses.
By automating the request for payment (invoice) process that is still mostly manual for nearly half of UK small businesses, Juno aims to make late payments a thing of the past.
Pete Bailey, Co-founder and Chief Product Officer at Juno says, “Small businesses are the lifeblood of our economy, yet many are struggling to get back on their feet after the pandemic. We’re on a mission to support them getting paid on time and, by digitising the payment process, stop the time they waste chasing and managing payments; ultimately supporting a stronger cash flow and meaning they can survive and thrive.”
The company already has a team of 14 people, who have joined from companies such as Capgemini, Ratesetter, and Nutmeg. Juno expects to double the size of its team next year