Sequoia Capital, slew of investors back neo bank platform Juno with $3 million investment

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Sequoia Capital‘s Surge and Ploychain Capital have invested $3 million (INR 21 crore) in a seed round in neo bank platform Juno. While, the round also saw participation from Dragonfly Capital, Consensys Labs, Astarc Ventures, Singapore Angel Network and other angel investors including Amrish Rau and Jitendra Gupta (CEO, PayU India) and Nitin Sharma from Incrypt, reported ET.

“We will be using the funds to expand our team in Bengaluru and Singapore and also apply for relevant licences in select markets to expand,” Varun Deshpande, co-founder at Juno, said.

Juno was co-founded by Varun Deshpande, Ratnesh Ray and Siddharth Verma in July 2019. The platform, which has been built using Ethereum blockchain and Nuo protocol, leverages decentralised digital assets. It aims to create an open and global financial system for everyone, regardless of location or income.

The company Juno plans to onboard customers with a 5.5 per cent annual interest on their savings, with no lock-in or hidden fees. Clients will also be able to send and receive money anywhere in the world without intermediaries and at no cost.

Additionally, the company plans to introduce a debit card in partnership with a bank in the future. Juno, which enables decentralised lending and borrowing of digital assets, is eyeing high yield on stablecoins such as USDC.

Startup such as YeLo, SharetribeDokan Multivendor MarketplaceMarketEngineAppDirect and many more also falls under the neo bank domain.

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