Swedish fintech Juni lays off a third of its staff just months after raising €198M: Here’s why

Picture credit: Juni

Gothenburg, Sweden-based Juni, a fintech agency that develops a banking app and platform for e-commerce and on-line advertising entrepreneurs, introduced on Thursday that it’s shedding one-third of its workforce throughout the enterprise.

The announcement comes 5 months after elevating $206M (roughly €198M) in Collection B and enterprise debt funding in June to construct out an e-commerce-focused neobank.

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Why?

The Swedish firm introduced its intention to re-evaluate its organisational construction and operational mannequin to climate a turbulent market.

“We’re grateful to stay in a robust monetary place and set as much as climate a turbulent market, having raised $282M in funding up to now. Juni stays on a wholesome progress trajectory and continues to point out actual worth to e-commerce companies in mild of the tough financial local weather,” says Samir El-Sabini & Anders Orsedal, co-founders of Juni, in a LinkedIn submit. 

Juni says its transaction volumes on its platform have grown over 100 per cent since June this yr and in addition witnessed document progress in transaction volumes processed up to now. 

“We, together with our management crew, are sorry to see mates and colleagues go away. We thank them for his or her nice contributions to Juni, and we’ll spend the approaching days and weeks supporting these departing, offering them with honest exit packages and assist by way of this transition. Then we’ll reset and refocus, collectively,” says the co-founders.

Juni: What you could know

Based by Anders Orsedal, Jonathan Sanders, and Samir El-Sabini in 2020, Juni is a fintech firm that develops a banking app and platform for e-commerce and on-line advertising entrepreneurs.

The platform goals to empower digital entrepreneurs to make higher choices, enabling them to scale up their operations. The fintech platform integrates with banks, and main fee suppliers and automates routine capabilities, permitting enterprise homeowners to focus on creating worth for the corporate as a substitute of managing advert spend and invoices. 

In response to the Dealroom, Juni has raised $176M in funding up to now from numerous traders, together with Cherry Ventures, Sophia Bendz, Jarno Vanhatapio, Johan Bendz, DST World, Felix Capital, Cherry Ventures, EQT Ventures, Mubadala Capital Ventures, and TriplePoint Capital.