Juni Review

What is Juni? | Juni Review

Juni call themselves the true financial companion for eCommerce and online marketing entrepreneurs.

Their mission is to not only solve the boring admin tasks for digital entrepreneurs but also to help them scale up their operations, empower them to make better financial decisions, and unleash digital commerce’s full potential in their favour.

To achieve this goal, Juni has teamed up with market-leading companies in payments, banking, payments and API aggregation.

Who owns Juni? | Juni Review

The idea of Juni was hatched by co-founders Samir El-Sabini (CEO) and Anders Orsedal (CTO), who together have a winning combination of payment, banking, payment, technical developer and FinTech experience between them.

Juni’s investors include Cherry Ventures, Felix Capital, DST Capital, FJ Labs and EQT Ventures.

Juni’ team works remotely and is spread out all over the world.

The Juni Story | Juni Review

Juni was founded in June 2020 in Gothenburg, Sweden, to disrupt online banking for internet-first businesses.

In November 2020, they raised €2 million in a seed round from Berlin-based Cherry Ventures, with contributions from angel investors Jarno Vanhatapio (NA-KD.com’s founder and CEO) and Johan Bendz (former iZettle CCO), among others. In just three months, the company had already shown potential to become the next big Fintech solution for merchants worldwide.

In June 2021, the neobank raised $21.5 million Series A round to sustain its momentum by focusing on recruiting, product development and a number of unique services to empower internet-first companies to grow their business. The funding arrived via partners of DST Capital and Felix Capital.

In October 2021, Juni secured an additional $52 million in funding. EQT Ventures, a multi-stage venture capital firm supporting companies across Europe and the US, joined partners of Felix Capital, DST Global and Cherry Ventures in backing Juni. With the close of the round, Juni has raised a total of $75.9 million in funding.

The follow-on investment will increase the number of Juni’s employees, allow the company to build their product entirely in-house and launch a fully integrated credit line for customers, starting with an initial roll-out in the UK.

How does Juni Work? How do they make money? | Juni Review

The service integrates with multiple banks and major payment providers.

It also automates routine functions and tracks your funds in one dashboard.

The dashboard gives a centralised overview of all bank accounts, payment services and networks, giving entrepreneurs more time to focus on scaling and improving their business instead of worrying about managing ad spend and invoices.

So how do they make money? Juni’s business model is straightforward – they make money via interchange fees. These fees are transaction-based. Banks like Juni receives interchange income whenever you use your card to purchase something.

How do I create an account with Juni? | Juni Review

As of this review, Juni accepts beta applications from active limited liability companies, public limited companies and limited companies within the UK, EU (except for Germany and Malta), and Norway.

Opening an account and ordering a card with Juni is completely free! The company is currently in a beta phase and has decided to keep the platform free, but things may change once Juni is ready for commercial launch.

To apply for a Juni account, your company should be represented by an authorised person aged 18 years or older. You may be asked to provide certain info about you and the company, as well as any beneficial owners and directors of the company. You will be granted access to your Juni account and allowed to deposit funds once your information is verified.

Providing untrue, incomplete or inaccurate info about your transactions or business can lead to account termination or closure.

Juni won’t allow you to open or hold an account with them if you or the company carry prohibited businesses like:

• Unregulated financial services
• Unlicensed FX brokers
• Pyramid/Ponzi schemes
• Get-rich-quick schemes
• Gambling
• Binary options
• Credit repair or debt restructuring
• Cryptocurrency
• Piracy or illegal streaming
• Counterfeit good
• Transactions for products subject to export prohibitions
• Offshore bank transactions, etc.

Juni Statistics | Juni Review

Juni increased its month-to-month total transaction volume by almost 500 per cent with an 81 per cent weekly average growth from March to May 2021.

The company recently surpassed 250 customers who are active card users.

Products | Juni Review

Juni offers a number of products that let you focus on what really matters – your business.

The products and features aim to make your neobanking experience with Juni the best.

Juni cards

Juni offers both physical and virtual cards accepted by all advertising platforms and merchants.

The cards can be used to execute payment transactions online. You can use a physical card to withdraw cash at an ATM and in a physical point-of-sale.

Juni cards are available in GBP, EUR and USD, and they come with custom or unlimited daily spend limits. What’s more is that you’ll earn a 1 per cent cashback on every transaction you make.

Cashback

Users get 1 per cent cashback on all their eligible card spend for the first year of beta. Juni did this to reward their earlier adopter who helped them achieve their mission.

All fully completed card transactions are valid. Cashback earned is automatically credited to customers’ accounts 30 days after the cashback period. For instance, the cashback earned during the month of December would be credited to your account at the end of January.

You can estimate your annual cashback earnings or glance at the perks all Juni customers get here.

But it goes beyond cashback. Juni has partnered with the best services in marketing and ecommerce to help you save thousands.

*Currently, there’s a double (2 per cent) cashback promotion for your first 30 days! To qualify, just spend the equivalent of €500 on your Juni credit card within two weeks of account approval.

By commercial launch, Juni will lower cashback to 0.75 per cent.

Credit

Juni offers businesses instant credit based on the balances with accounts, networks, and processors they have integrated with them.

Juni Credit Card | Juni Review

Having a proper credit card is essential for any ecommerce, dropshipping and marketing entrepreneur running online ads.

The Juni card is interest-free, has up to 60 days of payment terms, and 1 per cent cashback on all your spend. Both the physical and the virtual credit cards are fully customisable, and you can set the limits yourself inside the Juni platform.

You have to top up before you can use your Visa issued card. The reason is this. Your Juni card is technically a debit card, but their bank identification number (BIN) is a credit BIN. The BIN associated with a card is what defines its title.

Your Juni balance covers all cards. If you have 250 GBP as your Juni balance and 2 GBP cards, both cards use the same pot of money.

What’s the eligibility criteria for a Juni credit card?

You can apply for a Juni account and credit card if your company is within the EU and UK.

Does Juni check my credit score?

Yes and no.

While Juni doesn’t check credit reports on applicants as private individuals, they do check the company’s information and credit score through credit bureaus, and national company registers as part of their verification process.

How do I order and activate my Juni card?

You can order a Juni card directly from the Juni platform.

You can create virtual cards on the platform and activate them upon issuance.

It’s a little different for physical cards. They will be sent to a physical address confirmed by you. After confirming receipt, you can go ahead and activate the card on the Juni platform.

How many physical/virtual cards can I have?

You receive one physical card by default and can request more as you deem fit. Just reach out to your account manager, and they will guide you on the process.

With virtual cards, you can create as many as you wish at no extra cost.

What currencies can I get on my card?

During the beta phase, Juni offers bank accounts, virtual cards and physical cards in GBP and EUR. The company plans on adding more currencies (including USD) in the future.

Does the card work with Google and Facebook ads?

Yes.

Both cards (physical and virtual) work with all the major ad networks.

How much credit can I receive on my card?

As of this review, Juni doesn’t offer any credit line on their cards.

They are still working on this feature and it may be available later in the year.

Currently, money available on your Juni card will be the money in your Juni IBAN in the equivalent currency. Setting spending limits on your card can help you control it.

I lost my card. What next?

If you lose your card or suspect that it has been used in an unauthorised manner, you can request Juni to block it.

Juni may block your card if they need to investigate an outbound or inbound transaction. If they do that, they will notify you through email as soon as possible. If there’s no longer a reason to block the card, they’ll either reactivate your old card or replace it with a new one.

Juni IBAN Accounts | Juni Review

Avoid fees by paying and getting paid in the right currency with Juni IBAN accounts.

Enjoy the convenience of secure IBANs provided by Juni’s FCA regulated partner, RailsBank.

How much does it cost to open a Juni IBAN?

Opening a Juni IBAN in GBP, USD or EUR is completely free!

In what country is my account registered?

For GBP accounts, the IBANs are registered in the United Kingdom. EUR in Estonia and USD in the United States.

Where can I find my account details?

To find your account details, go to the accounts section in your Juni dashboard.

There’s a button that says “View bank details” under each account you’ve opened with Juni.  Click there to see the relevant account info.

Which currencies are supported?

The Juni beta offers IBAN accounts in 3 currencies – GBP, USD and EUR. They plan on adding more currencies soon.

Where do they store my money?

Juni stores the money in your Juni IBAN accounts in different places depending on your chosen currency.

Your GBP money is stored with the Bank of England. Your EUR money is held with The Bank of Lithuania. Your USD money is stored with Cross River Bank.

The funds Juni use for their business operations is separated from deposits.

In case of insolvency or bankruptcy, your funds would be returned to you in full.

In the unlikely event that something happens to the bank where the company stores your money, your funds would be protected.

Can I make bank transfers? If yes, what transfers are allowed?

Yes.

Juni allows you to make SEPA, Non-SEPA and International Wire (SWIFT) transfers. They don’t support cash deposits or bank checks.

Can I receive funds from PayPal/Stripe to my account?

Yes, you can.

For Stripe, integrate your Juni bank account just how you’d integrate any other bank account.

If you wish to receive funds from PayPal to your Juni account, it’s a little complicated.

First, you need to set up a PayPal Business account with the corresponding address.

Here’s how to do it:

Juni will open your EUR account with LVH, an Estonian bank. PayPal requires that you match the country of the company address with your IBAN account.

You will then be required to create an account with an Estonian address in PayPal in order to add your Juni EUR account to PayPal. Feel free to use your normal company details and add the address of a co-working space in Estonia.

The final step involves linking your Juni EUR account to PayPal as you ordinarily would.

How do I close my IBAN account?

You can close your IBAN account at your discretion by contacting Juni at [email protected].

Juni will close your account only after all pending transactions have been completed and all balances have been transferred out of the account.

Juni can close your account without notice if they reasonably suspect that:

• You provided them with false information at any time
• There has been a change in the type of business you run
• You’re behaving fraudulently or abusively to anyone at Juni
• Your transactions have been flagged as suspicious
• Your company has been declared bankrupt or insolvent
• You’ve breached terms and conditions repeatedly

Before closing your account, Juni will notify you through your registered email and give you the option to request a withdrawal of any money that they hold on your behalf (minus any fees/charges payable to them).

Juni will give you a maximum of 30 days to follow up and ensure all transactions have been settled within your account. Failure to respond to the notice within 30 days will lead to automatic closure. Juni will handle any money they hold on your behalf in accordance with applicable laws.

Integrations | Juni Review

Using multiple platforms to keep track of sales, ad spend, traffic, banking, and payment processing can overwhelm you.

With Juni integrations, you can quickly see your unpaid balances, track your account balances straight from your dashboard, and see exactly where your funds are and how they’re moving.

Juni integrates with a wide array of services, including Facebook, Google AdSense, Shopify, Stripe, Revolut, and PayPal.

Is it worth integrating my other bank accounts with Juni?

Yes.

Many digital-first businesses have a challenge keeping track of their money as it moves around the ecosystem. By integrating all of the services and accounts you use with Juni, you will unlock an easier way of tracking your funds in one place.

What’s the integration process like? Is it possible to integrate multiple accounts?

Easy peasy.

Simply click ‘integrations’ in the menu to integrate your other bank accounts and payment gateways to your Juni dashboard.

Once there, click “Add integration” and follow the instructions.

And yes, it’s possible to integrate multiple accounts of the same service.

Does Juni collect personal data during integrations?

Yes.

Juni only collects collect data on transactions and balances for purposes of displaying it in their product.

Juni stores all personal data on secure servers and follows guidelines set by both the Swedish Data Protection Authority and the General Data Protection Regulation (“GDPR”) within the EEA/EU/UK.

Juni Plans and Fees | Juni Review

To reward early adopters, Juni has decided to keep their fees to an absolute minimum across the board when it comes to creating cards, transfers, integrations, downloading statements, etc.

The company will cover most fees associated with payments, and pretty everything is free, save for SWIFT payments and fees imposed by VISA and their partner banks.

Getting your physical Platinum Visa Credit Card is absolutely free (up to 3 cards), and you’re allowed to create as many virtual Platinum Visa cards as you wish at no extra cost.

ATM withdrawals are free, except the ATM you choose might charge a fee that’s out of Juni’s control.

Card transactions matching your card’s currency are also free. If currencies do not match, Visa may charge you 0.24-3.69 per cent in FX fees.

By commercial launch, Juni will introduce new pricing.

Juni Pros and Cons | Juni Review

Juni Pros

• The platform integrates with several banks and all major payment providers
• You can make SEPA, Non-SEPA and SWIFT transfers
• Juni offers a 1 per cent cashback on business expenditures
• Entrepreneurs enjoy zero FX fees on multi-currency accounts
• You get to choose your own daily and monthly spend limits
• World-class support with dedicated account managers

Juni Cons

• Limited currencies
• They lack a mobile app

Is Juni Legit? | Juni Review

Juni Technology AB is a Swedish LC (reg no: 559248-0908) with registered address at Kungsportsavenyn 21, 411 36 Gothenburg, Sweden.

Juni Technology AB offers services in the United Kingdom as a distributor of PayrNet Limited. PayrNet Limited is incorporated and registered in England and Wales (reg no: 09883437) with a registered address at Kemp House, 152 City Road, London, UK.

PayrNet is authorised by the FCA under the Electronic Money Regulations 2011 (register ref: 900594) for the issuing of electronic money.

Juni Technology UAB offers services in the European Economic Area as a distributor of UAB PayrNet. UAB PayrNet is registered in Lithuania (reg no: number 305664054) with a registered address at Upės str. 23, 08128, Vilnius, Lithuania.

UAB PayrNet is authorised by the Bank of Lithuania (license number 72, issued on 28 August 2020) as an electronic money institution.

Juni has an excellent 4.4/5 rating on TrustPilot.

Is Juni Safe? | Juni Review

Juni is PSD2-compliant, meaning that their product complies with the European standards for safe and secure payment services.

Juni stores some of your transactional and personal data to help them serve you better and to meet their regulatory obligations under anti-money laundering and e-money laws in the UK and EEA.

Some of your personal and transactional data can be stored for up to 8 years after contract termination. Only a handful of employees can access this data when necessary, and Juni always deletes info they no longer need.

If you wish to access your personal data, you can do that by reaching out to [email protected].

You can enhance your account’s safety by choosing a strong password, using 2-factor authentication/biometric identification (touch ID, face ID), and only acting on texts/emails that come from Juni.

Is Juni Regulated? | Juni Review

Juni’s Platinum VISA card, which is issued by Payrnet Ltd. and PayrnetUAB is regulated by the FCA in the UK and the Bank of Lithuania (BoL), respectively.

Deposits to your Juni account aren’t covered by financial protection schemes like the Federal Deposit Insurance Corporation (FDIC), Financial Services Compensation Scheme (FSCS), or the EU Directive on the deposit guarantee scheme (DGS).

The reason is simple – Juni doesn’t operate as a traditional bank. They don’t lend out customers’ money or make investments with it.

Deposits are kept in safeguarded accounts with the Bank of England (GBP) and the Bank of Lithuania (EUR). Juni only uses the funds when customers execute payment transactions (bank transfers or using the Juni card).

‍The money the company uses for their business operations is separated from deposits. ‍

If Juni ever becomes insolvent or goes bankrupt, you will get your money in full.

Juni Customer Support | Juni Review

Juni offers support online and physically during business hours.

Juni believes that entrepreneurs deserve a private and direct line with their financial services provider. As such, every Juni customer is assigned a dedicated account manager that can be reached at all times.

If you have any questions, you can get in touch by filling out a form on their website, sending them a PM on Twitter or joining their Facebook community.

Who Are Juni’s Competitors? | Juni Review

There are other fintechs targeting digital-first businesses with banking services.

These neobanks are also attempting to cater to the same customers that Juni is and include Viva Wallet, Incard, Mercury Bank and Yan.

Juni Review Verdict:  Should I Use Juni? | Juni Review

Yes.

Juni is one of the fastest-growing fintechs with a world-class team, advisors and investors.

Being internet entrepreneurs themselves means they understand the common challenges that eCommerce and online marketing entrepreneurs face.

The company is still in the beta stage right now, meaning you can take advantage of the minimal fees before they go commercial.