Juni, a Swedish FinTech Platform for eCommerce, Raises $206M

Swedish eCommerce FinTech Juni has raised $206 million in a Series B and venture debt funding round, a press release said, with the money going to fuel hiring and growth, as well as product development.

Juni was founded in 2020, and is a financial management platform working with businesses on physical and virtual cards, credit cards, accounting, analytics and digital ads, and gives businesses a “holistic view” of their finances.

E-commerce sales have reportedly been forecasted to hit “trillions” by 2025, with digital ad spending also likely to grow. The company has been working on expanding, and has rolled out U.S. dollar accounts and cards, a new Google Ads integration and a new brand identity, the release said.

Juni Co-Founder and CEO Samir El-Sabini said he knew “first-hand the frustrations of running an eCommerce business and time wasted on spend management, the lack of visibility of cashflow and scaling ad campaigns.”

“With this funding, we will help ecommerce businesses win by building the right insights, features and integrations while injecting capital into their marketing spend,” he said. “We’re committed to building the best financial companion for ecommerce and we’re thrilled to have fantastic investors onboard who share our strategic vision.”

The company raised $100 million in a Series B round, and $106 million in venture debt funding from TriplePoint Capital.

The Series B was led by Mubadala Capital. EQT Ventures, Felix Capital, Cherry Ventures and Partners of DST Global, all of which are existing investors with the company, also participated, the release said.

See also: Corporate Accountants Tap Tech To Reduce Financial Statement Risk

PYMNTS wrote that there’s been a need for automation in a number of ways for businesses, including for the kinds of things experienced accountants can do.

Jotham Ty, CEO and founder of automation solutions provider Gappify, said the focus is still on “the mid-market and the small enterprises, but within that there are still so many processes that are not yet automated.”

This comes as more experienced accountants and teams are still also handling numerous tasks and financing decisions.