- Swedish fintech startup Juni has raised a $53 million Series A extension.
- In its pitch deck obtained by Insider, Juni bills itself as “the world’s only bank tailored for e-commerce.”
- Scroll on to see Juni’s pitch deck.
Swedish fintech startup Juni is betting that e-commerce businesses want tailored banking services amid a pandemic explosion in online retail.
The Gothenburg-based company, founded in 2020, bills itself as a vertical neo-bank, providing banking services specifically to the e-commerce sector. Juni’s bank account comes with software that tracks in-comings and outgoings for SME merchants and payment cards for business expenses.
The firm has raised a $53 million extension three months after its $21.5 million Series A, led by Sweden’s EQT Ventures. The startup will use the extra funding to expand into credit, giving clients access to more working capital, the company’s CEO and cofounder Samir El-Sabini told Insider.
El-Sabini said the startup decided to extend the round after its credit team determined it needed “as much flexibility as possible.”
A credit offering, he said, was a key piece of feedback from Juni’s customers and a “major pain point in e-commerce given the high volume of cash turnover in these businesses.”
Juni claims there’s an opportunity in e-commerce because traditional banks don’t understand the needs of small-to-medium-sized enterprise clients.
In order to offer its credit products in Europe, Juni has applied for an anti-money laundering license in the UK – the first market it will launch in – and will use e-money licenses in the rest of Europe.
Alongside the credit product, funding will go towards increasing the company’s headcount from around 75 currently to around 215 staff by the end of 2022, El-Sabini said.
Check out Juni’s pitch deck below: