June, a Swedish pre-launch startup creating a banking app and platform for e-commerce and online marketing entrepreneurs, has raised just over € 2.1 million in seed funding .
Berlin-based Cherry Ventures leads the round – the first deal, I believe, from new partner Sophia Bendz, herself based in Sweden. Various angel investors have also backed Juni, including NA-KD Founder and CEO Jarno Vanahatapio and former iZettle Strategy and Communications Director Johan Bendz.
Founded by Samir El-Sabini and Anders Orsedal and scheduled for full launch in early 2021, Juni aims to act as a “financial companion” for digital businesses in the field of e-commerce and online marketing. Features on offer include a debit card with cash back on ad spend, as well as cash flow management, invoice and bank statement matching, and cash management. The Juni dashboard also provides a centralized overview of all your bank accounts, networks and payment services.
El-Sabini tells me that eventually the company could go the full route of banking license application in 5-7 years, but for the foreseeable future it will use the banking service provider’s infrastructure as a service. Railsbank, as well as other fintechs. , to fill these gaps. Also, most of the added value is in functionality built on top of basic banking services and it’s here, when it comes to e-commerce and online marketing companies, that Juni thinks she spotted. a great opportunity.
“We help e-commerce and marketing entrepreneurs understand the financial health of their business, giving them the right tools (credit and reimbursement) to improve and grow it, while automating their workload (collecting invoices and match them to transactions). We aim to be the financial companion of all businesses in our space ”.
“We all know e-commerce is a fast-paced industry (10 years growth in three months this year!)
“E-commerce professionals are trying to keep up with the acceleration of the market and cannot afford to get bogged down in sorting out various software and systems with regard to their finances.”
Although the official launch of the product is not expected until early next year, it is already possible to get on the waiting list with the open beta promised soon.
Meanwhile, the business model is pretty straightforward. At first, Juni will earn money on interchange commissions (minus the cashback it offers) and by charging a subscription in the best SaaS tradition. Credit is also an obvious source of income.