Digital entrepreneurs always suffer when using fintech platform to do e-commerce. Juggling funds and accounts are such a hassle that hiring a dedicated team of professionals is the simplest solution, which cuts into the profit margin. Enter Juni, a financial companion where all payment services, bank accounts, and transactions appear as a handy, scannable list. Juni also supports multiple IBAN accounts in distinct currencies to avoid currency conversion fees. So can fintech be made user-friendly? Let’s peek behind the curtain and find out.
No free trial
Yes, has free version
- User-friendly fintech
- Easy to use platform
- 1% cashback on all spending
- Multiple accounts, one for each currency
- Balance alerts
- Best for e-commerce & media buyers
- Only available in the European Economic Area (EEA) & Switzerland
- Cloud, SaaS, Web-Based
What is Juni?
Developed in Sweden by a pair of entrepreneurs, Juni was first imagined as a simple e-commerce tool for buying ads. However, Anders Orsedal and Samir El-Sabini realized fintech is the biggest pain point for digital entrepreneurs, causing serious headaches. Their data showed not knowing how fintech works or how to leverage it can sabotage a successful product.
Payout delays, crippling exchange rates, and accounting issues are signs of trouble. So instead of making a slightly better PayPal, they decided to turn Juni into a financial platform that’s leaps and bounds beyond anything else on the market.
Moreover, in October this year, the company closed Series A funding by $76M, which will help accelerate growth and deliver a great product for the market and its users.
How does Juni work?
In a nutshell, Juni is a financial solution with integrated fund tracking and transaction management in one dashboard. In addition, this financial companion does away with manual labor typical for online banking software, providing an automated e-commerce solution.
Once you integrate other payment processors with your Juni account, Juni offers credit. It is based on cash flow to your Juni account, fixing short-term liquidity problems due to holding periods. If your payment history shows a steady cash flow, Juni automatically increases your credit line. There are also virtual and physical credit cards, adding flexibility.*For UK companies only, upon eligibility.
Juni helps its users discover all the ins and outs of fintech, making it more transparent and giving them tons of analytics to keep track of what’s going on. Touted as “the future of financial products,” this product is, in effect, a fintech product that gives power to the people.
Who can use this financial platform?Juni is now out of beta, and they have released new product features and a new brand look:
As they are saying, the product will be the best companion for digital entrepreneurs and everybody who owns a digital business, including the eCommerce industry.
Juni focuses on three particular pain points common to all online entrepreneurs, from drop shippers to affiliate marketers:
- knowledge and insights
This financial platform has various tools to help with the financial compliance process, which is complicated and user-hostile. Another handy tool from Juni is VISA cards designed for financing online marketing campaigns. Finally, the product integrates with financial institutions for automatic receipt sorting and management. In addition, Samir plans to have other platforms behave like manageable add-ons in Juni’s interface.
In Samir’s experience as a lawyer who did accounting, searching for lost receipts is a nightmare. Reconciling transactions between parties is especially difficult if one side of the transaction is done in another currency. For budding entrepreneurs who want to do e-commerce, log into multiple financial platforms to figure everything out often. 67% out of 700 companies Samir interviewed in June 2020 said it was very difficult to do accounting, and they postponed it as much as possible. Unfortunately, this delays the reports with crucial data that can drastically improve their work process. Thanks to Juni, Samir’s idea is that it’s all in one place and sorted for you.
Knowledge and insights
Metrics are crucial for business success. They reveal market as well as customer trends. However, when an entrepreneur has to manually combine metrics to understand trends, that causes a lot of delays and confusion. According to Samir, Juni will fix that pain point. For example, as soon as you start growing, you must juggle many accounts to keep track of everything. Also, different teams in the same company need to wait for the green light from one another, which cripples the company’s performance.
Logging into the online platform will show the total balance across all accounts and the performance of different ad networks. In addition, each transaction entry in Juni allows you to upload invoices, receipts, or other documents manually. This is planned to become an automated feature, matching documents to transactions across accounts.
Juni is completely free if you want to sign up. As they are saying, with Juni, pretty much, everything is free.
- Virtual platinum credit VISA
- Physical platinum credit VISA
- EUR/GBP/USD IBAN accounts
- SEPA and faster payment transfers
- ATM withdrawals for Visa Card
However, for some other services, you have to pay:
- ATM withdrawals for Mastercard – Up to €3
- Account Transfer FX Fee – Up to 0.25%
Moreover, new customers get 2% cashback on their virtual Juni card spending for the first 30 days. In this way, rather than getting non-cash rewards like on other financial platforms, the users can immediately reinvest the money into their business.
PayPal is the most obvious alternative; Samir will frequently refer to problems entrepreneurs have with it. For example, it is easy to make a mistake on PayPal to get your business account locked without knowing why. This is due to PayPal creating hidden rules and simply cutting off those customers who break them. However, according to Samir, Juni will be much more approachable and granular, working with entrepreneurs to sort out their financial woes.
Juni Review Conclusions
Small-scale entrepreneurs who love tinkering with new tools and crave simpler fintech will have a field day with this financial platform. For now, it’s optimized for marketing campaigns, but the feature set is promising, and there’s a lot of ambition behind this company and its product. The company’s CEO shows the desire to turn Juni into an accessible market analyst and financial advisor for companies of any size.