Barely three months after the first announcement of its Series A raise at US$21.5 million, Juni, the choice banking platform for e-commerce firms, has raised an additional US$73 million in fresh capital, doubling the first installment of the raise.
With the latest capital injection, the firm plans to increase its headcount to over 120. It also plans to launch a fully integrated credit line product. Juni launched about seven months ago and has raised a total of US$76 million.
Like most fintech firms on the market today, Juni’s platform integrates with a wide range of lenders and toppayment services and automates several routine functions.
The frees up more time for small business owners, allowing them to prioritize bigger growth-driving responsibilities. Some of the automated services include ad spend management and invoices.
Between March and May of 2021, the total volume of transactions processed on Juni’s platform rose took a giant leap of almost 500% month-on-month, averaging a weekly growth rate of 81%.
“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,” said founder and CEO Samir El-Sabini.
Investors who participated in this extension round include EQT Ventures with US$52 million and returning backers Partners of DST Global, Felix Capital, and Cherry Ventures.
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