Gothenburg, Sweden-based Juni, a fintech firm that develops a banking app and platform for e-commerce and online marketing entrepreneurs, announced Thursday that it is laying off a third of its workforce across the business.
The announcement comes five months after raising $206 million (about €198 million) in Series B and venture debt funding in June to build out an e-commerce-focused neobank.
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Why?
The Swedish company announced its intention to rethink its organizational structure and operating model to cope with a turbulent market.
“We are grateful to remain in a strong financial position and set up to weather a turbulent market, having raised $282 million to date. June remains on a healthy growth trajectory and continues to show real value for e- trading companies in light of the difficult economic climate, says Samir El-Sabini & Anders Orsedal, co-founders of Juni, in a LinkedIn post.
Juni says transaction volumes on the platform have grown by over 100 percent since June this year and have also witnessed record growth in transaction volumes processed to date.
“We, along with our management team, are sorry to see our friends and colleagues go. We thank them for their great contribution to June and we will spend the coming days and weeks supporting those who are leaving, giving them fair severance packages and supporting them through this transition. Then we will reset and refocus together, say the co-founders.
June: What you need to know
Founded by Anders Orsedal, Jonathan Sanders and Samir El-Sabini in 2020, Juni is a fintech company that develops a banking app and platform for e-commerce and online marketing entrepreneurs.
The platform aims to give digital entrepreneurs the opportunity to make better decisions, so that they can scale up their operations. The fintech platform integrates with banks and major payment providers and automates routine functions, allowing business owners to concentrate on creating value for the company instead of managing ad spend and invoices.
According to Dealroom, Juni has raised $176 million in funding to date from various investors, including Cherry Ventures, Sophia Bendz, Jarno Vanhatapio, Johan Bendz, DST Global, Felix Capital, Cherry Ventures, EQT Ventures, Mubadala Capital Ventures and TriplePoint Capital .
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