Juno, a neo-banking cryptocurrency startup, has raised $18 million in its most recent 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 participated in the round.
The business claims that it would use the funds to extend its product range to include bill payments, and tokenized 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.
“We want to grow our tokenised loyalty through two ways. First is by giving it to our community and growing it and the second is through Juno Pay. For Juno Coin, we will be creating a partner network for redemption including a ledger where people can burn it. We expect to grow ten-fold across our metrics in the next 12 months,” said Varun Deshpande, co-founder and chief executive officer (CEO), Juno.
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, as reported by The Economic Times.
“We at ParaFi Capital are glad to partner with the team at Juno. They are one of the very few teams we have come across who deeply understand both fintech and crypto. Seamlessly integrating crypto and web3 in a checking account which is a trusted and familiar interface for millions of Americans can help onboard new users to web3,” said Ryan Navi, principal at ParaFi Capital.
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.
Juno is the only crypto-friendly checking account where you can earn, invest and spend both your cash and crypto from one powerful checking account.