Crypto Checking Account Juno Closes $18 Million Series A

Despite the so-called “Crypto Winter” continuing, a FinTech that bills itself as a checking account for crypto natives has just secured a significant investment. This week, Juno announced that it had raised $18 million in funding. The Series A was led by ParaFi Capital’s Growth Fund with additional participation from Hashed, Jump Crypto, Uncorrelated Fund, Greycroft, Mithril, Antler Global, 6th Man Ventures and Abstract Ventures. Previously, the company closed a $3 million seed round in October 2019. According to Juno, it plans to expand its digital banking products with the newly-acquired funds.

Formerly known as OnJuno, Juno is a FinTech app that combines traditional and Web3 banking features. On the traditional side, users can open a USD checking account, earn cashback from top brands, and more. However, the app also allows users to buy, deposit, and withdraw crypto assets, as well as spend USDC (and earn additional cashback when doing so).

Juno’s funding round announcement was accompanied by the launch of its new tokenized loyalty program JCOIN. With JCOIN, users will be able to redeem their tokens for increased interest rates, boosted cashback limits, and more. Additionally, the app plans to also offer gift cards purchasable with JCOIN in the future.

Speaking to the idea behind Juno as well as JCOIN, the FinTech’s co-founder and CEO Varun Deshpande said in a statement, “Crypto natives in the US are finding existing banks completely inadequate for everyday use of crypto. We are rebuilding a checking account from the ground up with crypto and web3 at its core. Juno empowers members to earn part of their paycheck in crypto and use crypto for everyday transactions like bill payments or buying coffee.”

Deshpande continued, “Earning and using crypto are critical financial primitives for creating and growing a circular crypto economy. Our tokenized loyalty program is meant to further accelerate the growth of this crypto economy.”

ParaFi Capital principal Ryan Navi said of the company, “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,” adding, “Their empathy towards users new to web3 and passion for creating beautiful crypto-native products with compliance at its core sets them apart. They are creating an entirely new category in neo banking and we are excited to back them.”

With this impressive Series A, Juno is really bucking the less-than-favorable trend that’s befallen crypto-centric firms as of late. In fact, as the company notes, they’ve managed to achieve 10x user growth in the last nine months — during a time when many other startups have been forced to lay off staff. This would all suggest that Juno is really onto something with its approach to crypto banking, perhaps setting them up to be a major player as crypto winter hopefully thaws.


Jonathan Dyer

I'm a small town guy living in Los Angeles looking to make solid financial decisions. I write for a number of finance websites, including HuffingtonPost and Business2Community. I founded in 2015 to focus on personal finance and the emerging FinTech markets.

Other Articles by Jonathan Dyer

Amex, Main Street America Announce $2.3 Million in Grants

As small business owners across the country continue to face a number of economic and other challenges American Express and Main Street America are teaming up to offer some relief. This week, the latest edition of “Backing Small Businesses” grant program was announced, with more than $2.3 million available to small business recipients. Eligible business owners can now apply for a chance to received a $5,000 grant. These funds can...

Ness Launches for Health and Wellness-Focused Credit Card

A new premium credit card that puts a heavy emphasis on health and wellness is now launching a public beta. This week, Ness announced the debut of the Ness Card, partnering with a number of top wellness brands in the process. The card is issued by The Bank of Missouri and will operate on the Mastercard network. Starting with rewards, the Ness Card will earn 5 points per dollar spent...

On-Demand Employee Pay Platform Rain Raises $66 Million

A startup that helps employees access their earned wages more quickly and easily has just raised some major funds of its own. This week, Rain announced that it has raised $66 million in equity. The Series A was led by QED Investors and Invus Opportunities, while WndrCo, Tribe Capital, and Dreamers VC also participated. In addition to the equity round, Rain raised an additional $50 million via debt facility, arranged...