Juni Raises €2M Seed Funding - Banking for E-commerce

Juni, a Swedish startup currently in its pre-launch phase, is developing a banking application and platform specifically designed for entrepreneurs involved in e-commerce and online marketing. The company has successfully secured over €2.1 million in seed funding.

This funding round was spearheaded by Cherry Ventures, based in Berlin – representing the first investment made by newly appointed partner Sophia Bendz, who is located in Sweden. A number of angel investors also participated in the round, including Jarno Vanahatapio, the founder and CEO of NA-KD, and Johan Bendz, formerly the chief strategy and communications officer at iZettle.

Established by Samir El-Sabini and Anders Orsedal, with a full launch anticipated in early 2021, Juni intends to function as a ‘financial companion’ for businesses operating within the e-commerce and online marketing sectors. The platform will offer features such as a debit card providing cashback on advertising expenses, alongside tools for cash flow management, invoice and bank statement reconciliation, and liquidity control. The Juni dashboard will also consolidate a comprehensive view of all bank accounts, networks, and payment services.

El-Sabini indicates that the company may eventually pursue a full banking license within a timeframe of 5-7 years. However, for the immediate future, Juni is leveraging the infrastructure of Banking-as-a-Service provider Railsbank, in conjunction with other fintech companies, to fulfill necessary banking functions. The company believes the primary value lies in the functionality built on top of core banking services, particularly concerning the specific needs of e-commerce and online marketing businesses.

“Our goal is to empower e-commerce and marketing entrepreneurs with a clear understanding of their financial standing, providing them with the appropriate resources – including credit and cashback rewards – to enhance and expand their operations, all while streamlining their administrative tasks such as invoice retrieval and transaction matching. We strive to be the go-to financial partner for companies in this industry,” explains El-Sabini.

“The e-commerce landscape is evolving at an incredibly fast pace – experiencing a decade’s worth of growth in just three months this year – which underscores the necessity for unified platforms to support these businesses,” notes Sophia Bendz of Cherry Ventures.

“Professionals in e-commerce are focused on adapting to the accelerating market and cannot afford to be burdened with managing multiple software solutions and systems related to their finances.”

While the official product release is scheduled for early next year, interested parties can currently join the waitlist, with an open beta program expected to launch shortly.

Juni’s revenue model is structured in a straightforward manner. Initially, the company will generate income through interchange fees (offset by the cashback offered) and subscription charges, following a standard SaaS approach. Credit services also represent a potential revenue stream.