The $100 million Series B funding is led by Mubadala Capital, whose global fintech footprint includes investments in SpotOn, Brex, C2FO, WeFox, Cardless, and others. All of Juni’s existing investors - EQT Ventures, Felix Capital, Cherry Ventures and Partners of DST Global - are also participating in the round.

Co-founded by CEO Samir El-Sabini and CTO Anders Orsedal in 2020, Juni is a financial management platform tailor-made for ecommerce that ties together physical and virtual cards, credit cards, accounting, analytics and digital advertising platforms, giving businesses a holistic view of their finances.

In addition to the Series B funding, Juni has secured up to $106 million in venture debt financing from Silicon Valley-based TriplePoint Capital, which has previously backed the likes of Square, Revolut, N26, and Monzo.

The Gothenburg-based startup moved out of beta last month with the launch of several features.

The launch involved a rebranding and the inclusion of USD accounts, which were the most requested feature among beta users. Additionally, the live launch includes the integration of Google Ads, which allows real-time Google Ads spend tracking insights, as well as automatically extracting credit line invoices and generating and matching receipts for threshold payments.

Juni reports that in the past year the firm doubled the number of customers and card spends each quarter, as well as growing its team by 644% in 2021. This launch and rebranding is part of an expansion into the European Economic Area.

“We’re very proud to have secured this funding in such a challenging environment,” says CEO El-Sabini. “We’re on a mission to give ecommerce businesses peace of mind by making financial management easy. I know 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.”

At a time when other VCs are drawing in their horns, Fatou Bintou Sagnang, director at Mubadala Capital Ventures believes there is plenty of runway left for innovative fintech firms servicing the SME segment.

“Despite unprecedented market conditions, we believe fundamental trends are here to stay," she says. "Traditional financial institutions continue to underserve the SMB ecommerce market - a customer segment that requires speed, simplicity, and real-time analytics to grow and scale. In Juni, we see a company with strong traction and a fantastic management team addressing this service gap."

In October 2021, Juni raised a $52M Series A follow-on round led by EQT Ventures. The company has several prominent business angels amongst its early investors, including NA-KD.com founder Jarno Vanhatapio, former iZettle chief communications officer, Johan Bendz and Niklas Thornestad, who was previously Klarna’s global head of compliance.