Juni, a Swedish neobank designed for e-commerce and online marketing entrepreneurs, has landed $52 million in an extension to its Series A funding round.
The new cash adds to the $21.5 million raised in June this year, taking the fintech’s total Series A funding to $73.5 million. Juni has now raised around $76 million in total capital.
The extension was led by Luxembourg-based VC firm EQT Ventures with participation from FJ Labs, who join existing investors DST Global, Felix Capital and Cherry Ventures.
Founded in June 2020 in Gothenburg, Sweden, Juni provides online banking for internet-first business customers. The firm says its transaction volumes have tripled every month since launch.
Juni will use the cash raised to triple its workforce across its engineering, commercial and marketing teams.
It will also launch an integrated credit line product, starting with an initial roll-out in the UK, with which customers will be able to access short-term credit.
“Everything we do is designed to make life for internet entrepreneurs easier,” says Juni co-founder and CEO Samir El-Sabini.
“We understand their pain points and business needs in a way that traditional banking can’t, which in turn means we’re able to offer them a credit product that actually makes sense for them.”