Digital entrepreneurs always suffer when using online banking software 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 banking platform 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.
Ease of use
Value for Money
No free trial
Yes, has free version
- User-friendly fintech
- 1% cashback on all spending
- Automatic spend limit increase
- Multiple accounts, one for each currency
- Still in beta
- Huge waiting list
- Operates only in Europe w/o Germany & Malta
- 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. The signs of trouble are payout delays, crippling exchange rates, and accounting issues. So instead of making a slightly better PayPal, they decided to turn Juni into a banking 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 banking solution with integrated fund tracking and transaction management in one dashboard. In addition, this banking platform 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.
Juni helps its users discover all the ins and outs of online banking, making it more transparent and giving them tons of analytics to keep track of what’s going on. Touted as “the future of banking products,” this product is, in effect, a bank that gives banking power to the people.
Who can use the banking platform?
As of November 2021, Juni is in early beta, operating in:
- EU, without Germany and Malta
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 entrepreneurs, from drop shippers to affiliate marketers:
- knowledge and insights
This online banking 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. 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, that often means logging into multiple online banking software platforms to figure everything out. 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. 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. Each transaction entry in Juni also 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 during the beta, saving some foreign exchange fees charged by Visa if the currencies don’t match and SWIFT transfers. Everything else is free, such as
- Virtual platinum credit VISA
- physical platinum credit VISA
- EUR/GBP IBAN accounts
- SEPA and faster payment transfers
- ATM withdrawals
Moreover, Juni has a 1% cashback for all beta users, which is slated to become a 0.75% cashback when Juni goes live. In this way, rather than getting non-cash rewards like on other banking 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 that 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 banking platform. For now, it’s limited to the EU, and 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. As a beta product, Juni still has ways to go, but I can’t wait to see where it ends up.