Juni, the banking platform for e-commerce and online marketing companies, raises €2M in capital • TechCrunch


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Junea Swedish pre-launch startup that is developing a banking app and platform for e-commerce and online marketing entrepreneurs, has raised just over €2.1 million in seed funding.

Leading the round is Berlin-based Cherry Ventures – the first deal, I believe, from newly recruited partner Sophia Bendz, who is 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 slated 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 include a debit card with cashback on ad spend, as well as cash flow management, bill 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 applying for a banking license in 5-7 years, but for the foreseeable future it uses the infrastructure of banking service provider Railsbank, as well than other fintechs, to fill these gaps. Also, most of the added value is the functionality built on top of basic banking services and it is here in relation to e-commerce and online marketing companies that Juni believes it has spotted a big opportunity.

“We help e-commerce and marketing entrepreneurs understand the financial health of their business, giving them the right tools (credit plus cash-back) to improve and grow it, while automating their workload ( retrieve invoices and match them to transactions) We aim to be the financial companion for all businesses in our space.”

“We all know that e-commerce is a fast-moving industry (10 years of growth in three months this year!), which makes the need for unique platforms to support these e-commerce businesses all the more necessary” , says Bendz of Cherry Ventures.

“E-commerce professionals are trying to keep up with the acceleration of the market and can’t afford to get bogged down in sorting through various software and systems over their finances.”

Although the official launch of the product is not expected until early next year, it is already possible to join the waiting list with the open beta promised soon.

Meanwhile, the business model is quite simple. At first, Juni will make money from interchange fees (minus the cashback it offers) and by charging for a subscription in the best SaaS tradition. Credit is also an obvious source of income.

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