Juno, a neo-banking cryptocurrency business, has raised $18 million in Series A round of funding, which was led by the Growth Fund of the crypto-native investment firm ParaFi Capital. Hashed, Jump Crypto, Uncorrelated Fund, Greycroft, Mithril, Antler Global, 6th Man Ventures, and Abstract Ventures also took part in the round.
As part of its seed round in April 2020, Sequoia India's accelerator Surge, Polychain Capital, Consensys Ventures, and Dragonfly Capital invested $3 million in Juno.
The business claims that it would use the cash to extend its product range to include bill payments, tokenised incentives, among other ventures; establish and scale its loyalty programme; and strengthen its US staff across compliance, regulation, and marketing roles.
Juno is a neo-banking platform founded in 2019 by Varun Deshpande, Ratnesh Ray, and Siddharth Verma that offers a checking account for customers that are crypto natives. Users are able to receive deposits into its checking account and make payments using its debit card, which is offered by the business in collaboration with Evolve Bank and Mastercard.
Users of Juno's checking account can use their debit card to make cryptocurrency payments in the real world. Only US consumers are now served, and it assists users in making online and offline payments using the digital stablecoin USD Coin (USDC).
The business is also introducing Juno Coin, a cryptocurrency exclusively for its customers that can be used to boost checking account interest rates or raise cash-back ceilings.
Additionally, Juno provides a cryptocurrency payment gateway called Juno Pay that makes it easier for consumers to buy cryptocurrency while also making a variety of payment options like CashApp and Venmo available. The platform currently earns revenues for every transaction made online or offline through its debit card.
The business intends to scale its platform to 1 million users and handle $1 billion in TPV over the course of the upcoming 12 months.