“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.” — Ryan Navi, ParaFi Capital Principal
Juno, an Indian-based Web3 banking platform, has raised $18 million in a Series A funding round. The funds will be used to expand the company’s digital banking products offering and launch a tokenized loyalty program supported by its native ERC20 token, JCOIN.
After obtaining $3 Million in seed funding, Juno has now secured its second institutional funding round. The startup has so far received $21 in funding from investors.
ParaFi Capital’s Growth Fund led the fundraiser. According to Ryan Navi, Principal at ParaFi Capital:
“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.”
Other participants in the round include Hashed, Jump Crypto, Uncorrelated Fund, Greycroft, Mithril, Antler Global, 6th Man Ventures, and Abstract Ventures.
Juno, which was co-founded by Ratnesh Ray, Siddharth Verma, and Varun Deshpand in 2019 has three main products: its banking-related products, on-ramp and off-ramp crypto payments solutions, and loyalty program.
The company announced the success of the funding round in a tweet;
“It's been an overwhelming week for us at @JunoFinanceHQ We closed an $18m Series A round, and airdropped our loyalty token $JCOIN to our early believers. Extremely grateful for the response we have received from our community & web3 fraternity. WAGMI”
The company's tokenized loyalty program is its most recent offering. Juno will integrate JCOIN into the loyalty program and reward users with JCOIN on transactions made through its checking account. While it plans to airdrop the token to its verified users, others can earn the token by making either fiat or crypto transactions.
According to Juno’s website,
“Juno is introducing an ERC20 token as part of a tokenized loyalty program distributed only to verified account holders. It is one of the first tokens launched with no allocation for founders, investors, or employees. Over 75,000 Juno members are already eligible to claim 150 Million Juno coins in airdrop for their previous activities on the Juno platform.”
Juno added,
“Juno members can earn Juno coins for taking paycheck in crypto or spending crypto with Juno card. Juno coins can be redeemed for discounts, rebates and exclusive access across their partner network.”
Notably, users can purchase cryptocurrency directly through Juno's digital banking solution with the help of a checking account. This is made possible by the company's free on-ramp transaction to Layer 2 blockchains like Polygon, Arbitrum, and Optimism. The digital banking system also offers a debit card, the Juno Card for everyday use.
