Juno, a neo-banking crypto startup, has raised $18 million as a part of its latest round of funding led by crypto-native investment firm ParaFi Capital’s Growth Fund.

Hashed, Jump Crypto, Uncorrelated Fund, Greycroft, Mithril, Antler Global, 6th Man Ventures, and Abstract Ventures also participated in the funding round.

As per the startup, the raised funds will be used to beef up its US team across compliance, regulation and marketing; launch and scale its loyalty programme as well as expand its product portfolio across bill payments and tokenised rewards, among other forays.

Juno | Crypto-friendly Checking Account 

Founded by Varun Deshpande, Ratnesh Ray and Siddharth Verma in 2019, Juno is a neo-banking platform that lets users earn, invest and spend both their cash and crypto from one checking account.

The startup allows users to accept deposits in its checking account and make payments through its debit card provided by the company in partnership with Evolve Bank and Mastercard.

Speaking about the development, Varun Deshpande, Co-founder and Chief Executive Officer (CEO) at Juno, said,

“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.”

Backed by Sequoia Surge, Polychain, and industry-leading executives, Juno is on a mission to make crypto-banking easy, fair, transparent, and compliant.

Its checking account also allows users to make payments through crypto in the real economy through the debit card. Juno currently helps users make online and offline payments through digital stablecoin USD Coin (USDC) and serves only customers in the US.

The neo-banking crypto startup has scaled its platform to 75,000 checking accounts and processes $100 million in total payment value (TPV) through its platform every month, including deposits, withdrawals as well as payments made through USDC.

It plans to scale its platform to 1 million users and process $1 billion in TPV on its platform.

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