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Neo-banking crypto startup Juno raises $18 million in funding led by ParaFi Capital

Neo-banking crypto startup Juno has raised $18 million as part of its newest spherical of funding, led by crypto-native funding agency, ParaFi Capital’s Development Fund. The spherical additionally noticed participation from Hashed, Bounce Crypto, Uncorrelated Fund, Greycroft, Mithril, Antler World, sixth Man Ventures and Summary Ventures.

In April 2020, Juno had raised $3 million as part of its seed spherical from Sequoia India’s accelerator programme, Surge, together with Polychain Capital, Consensys Ventures and Dragonfly Capital.

Based on the corporate, it is going to be utilizing the funds to beef up its US crew throughout features of compliance, regulation and advertising; launch and scale its loyalty programme in addition to increase its product portfolio throughout invoice funds, tokenised rewards amongst different forays.

Based in 2019 by Varun Deshpande, Ratnesh Ray and Siddharth Verma, Juno is a neo-banking platform which supplies a checking account for crypto native customers. It permits customers to simply accept deposits in its checking account and make funds via its debit card supplied by the corporate in partnership with Evolve Financial institution and Mastercard.

Juno’s checking account additionally permits customers to make fee via crypto in the actual financial system via the debit card. It at the moment helps customers make on-line and offline fee via digital stablecoin USD Coin (USDC) and serves solely clients within the US.

Juno has scaled its platform to 75,000 checking accounts and processes $100 million in whole fee worth (TPV) via its platform each month. This consists of deposits, withdrawals in addition to funds made via USDC.

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The corporate can be launching its personal token, Juno Coin for its members, which will be redeemed to bump up rates of interest for its checking account or improve money again limits.

Juno additionally has Juno Pay, a fee gateway for crypto, which simplifies crypto shopping for expertise for customers, whereas offering availability of diversified fee strategies corresponding to CashApp, and Venmo.

“We wish to develop our tokenised loyalty via two methods. First is by giving it to our group and rising it and the second is thru Juno Pay. For Juno Coin, we might be making a companion community for redemption together with a ledger the place folks can burn it. We count on to develop ten-fold throughout our metrics within the subsequent 12 months,” stated Varun Deshpande, co-founder and chief government officer (CEO), Juno.

In three months of launch, Juno Pay has already scaled to 100,000 transactions.

The corporate at the moment earns revenues for each transaction made on-line or offline via its debit card.

“We at ParaFi Capital are glad to companion with the crew at Juno. They’re one of many only a few groups we’ve got come throughout who deeply perceive each fintech and crypto. Seamlessly integrating crypto and web3 in a checking account which is a trusted and acquainted interface for hundreds of thousands of Individuals might help onboard new customers to web3,” stated Ryan Navi, principal at ParaFi Capital.

Over the following 12 months, the corporate plans to scale its platform to 1 million customers and course of $1 billion in TPV on its platform.

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