Juni, a Swedish-based banking platform for e-commerce and online marketing companies, has raised US$21.5 million in Series A financing.

The firm said that the funding came from partners of DST Global, Felix Capital and additional follow-on from Cherry Ventures and other early investors.

The financing will be used to sustain Juni’s momentum by focusing on product development and recruiting.

From a product perspective, Juni will introduce a number of features in the coming months such as automation of administrative tasks, a unified view of financials tailored to ecommerce merchants and media buyers, and a number of unique services to financially empower digitally native companies to grow their business.

The company is also looking to quadruple the size of its team, growing from 28 to over 100 employees in the next 12 months. Juni will be looking to staff up all major functions in the company, from Sales to Engineering, Marketing, Branding, and Customer Support.

In October 2020, Juni raised US$2.5 million in a seed round from Cherry Ventures, with contributions from NA-KD.com founder and CEO Jarno Vanhatapio, and former iZettle Chief Communications Officer Johan Bendz among others.

Bendz has also joined Juni’s board alongside Niklas Thornestad, who was recently Klarna’s Global Head of Compliance.

Samir El-Sabini, Juni Co-Founder and CEO said:

“Today marks a massive milestone for our mission. Raising such a big round at such an early stage will allow us to sustain the lightning speed growth we’ve experienced, and double down on our product roadmap with full capability.”