Swedish fintech startup Juni has announced plans to set up a product development hub in Vilnius, Lithuania. The company plans to hire software developers, compliance officers and other specialists to fuel rapid expansion.

Founded in Gothenburg, Sweden, Juni was created to address the shortcomings of traditional banking services that hurt the bottom line of many e-commerce and online marketing companies.

Juni acts as a financial companion for e-commerce and online marketing companies. The features the platform offers are tailored to the needs of digital entrepreneurs: Juni users get a Visa Platinum credit card with cashback on advertising spend, along with cash flow management, invoice and bank statement matching and liquidity management features. The platform’s dashboard also provides a centralised overview of all bank accounts, networks and payment services.

When Juni launched a waiting list to test demand for a digital business-oriented banking platform, over 1,200 companies signed up in a few weeks. Building on the waiting list success, Juni recently raised €2mn in seed funding. Currently, the platform is in a closed beta phase and set to launch in late February 2021.

After looking at many European locations, Juni decided that Vilnius is the best place to establish a new development hub. Juni joins more than 200 fintech companies that have already established offices in Lithuania, including Railsbank, a banking platform with which Juni has a partnership.

Juni currently employs 10 people, but is planning to grow at a rapid pace. In the next 12 months, the company will add 20 to 30 people to its staff, who will have an option to work remotely full time. Juni is looking to hire software developers, designers, product managers, compliance officers, sales and customer success representatives and other roles.

“Big Scandinavian banks, such as Danske and SEB, have previously chosen Lithuania for their multi-functional Global Services Centres,” said Mantas Katinas, managing director of Invest Lithuania. “The addition of Juni to the Lithuanian fintech landscape shows that the country is a great investment location for seed-stage Scandinavian fintech startups too.”