Monzo and Revolut investor backs Juni in latest major funding
The fintech raised $206m, split between a series B funding round and venture debt financing, to supercharge its eCommerce business.
European fintech Juni has bagged $206m financing, consisting of $100m series B funding round and $106m in venture debt financing, in a bid to fuel its eCommerce businesses.
Juni says the funding will be used to scale-up growth in eCommerce through its recently launched credit card, support its global expansion, and build out its headcount.
All of Juni’s existing investors, including EQT Ventures, Felix Capital, Cherry Ventures and Partners of DST Global, participated in the funding round, which was led by Mubadala Capital.
Juni was founded in 2020 in Sweden by Samir El-Sabini and Anders Orsedal, with a view to being the “financial companion” for eCommerce, giving businesses a more holistic view of their finances. The fintech says it has since been recognised as the fastest growing fintech startup in Europe in 2021.
“We’re very proud to have secured this funding in such a challenging environment,” says Samir El-Sabini, co-founder and CEO at Juni.
“I know first-hand the frustrations of running an eCommerce business and time wasted on spend management, the lack of visibility of cashflow and scaling ad campaigns. With this funding, we will help eCommerce businesses win by building the right insights, features and integrations while injecting capital into their marketing spend.”
The fintech recently launched new features including US dollar accounts and cards, a new Google Ads integration, and a new brand identity.
“Traditional financial institutions continue to underserve the SMB eCommerce market – a customer segment that requires speed, simplicity, and real-time analytics to grow and scale,” added Fatou Bintou Sagnang, Director at Mubadala Capital Ventures. “In Juni, we see a company with strong traction and a fantastic management team addressing this service gap.”
This funding round follows the company’s series A $52m round in October 2021, which was led by EQT Ventures.