Three months after first announcing their Series A raise at $21.5 million, the Göteborg-based banking platform for e-commerce players, Juni has raised more than twice the amount of the first portion of the raise to $73 million. The funds from this large raise will be used up towards increasing headcount and launch a fully integrated credit line product.Juni has brought in a total of $76 million in just seven months of operations.
Juni integrates with a wide range of banks and major payment providers like a number of other fintech players on the market today and automates a number of routine functions, freeing up entrepreneurs’ time to focus on growing their business instead of managing ad spend and invoices.
In a two months span earlier this year, Juni recorded a total transaction volume increase of nearly 500% month-on-month, with a weekly average growth rate of 81%.
“We’re internet entrepreneurs too, after all, and before launching Juni, we were in the industry that we cater to today,” said founder and CEO Samir El-Sabini. “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.”
EQT Ventures led this extension round with $52 million and joins existing investors Partners of DST Global, Felix Capital, and Cherry Ventures.
EQT Ventures Ted Persson comments, “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.”