Building a global cross-border neobanking platform
We are excited to announce that OnJuno has raised a Seed Round of USD 3 Million from Sequoia Capital's Surge Program, Polychain Capital and Dragonfly Capital Partners. OnJuno is a cross-border Neo Banking Platform that provides customers an FDIC Insured High Yield Checking Account. Our goal is to completely phase out the use of Savings Account by building a powerful High Yield Checking Account which can help you save more with direct deposits, free cash withdrawals and no fees.
We are currently a distributed team based out of Singapore and Bangalore and soon to be in San Francisco. With a global presence and empathy towards the needs of immigrants in the US, OnJuno makes sending money back home fast and easy with international remittances which are 8x cheaper than the largest banks.
With these marquee investors onboard, we are now well capitalised to launch OnJuno in the US and onboard initial customers with our High Yield Checking Account. We are currently in the process of finalising our partner bank and launching in private beta. Once finalised, we will be able to create checking accounts for customers with our partner bank, initiate ACH transfers, issue debit cards and start providing you with ways to save more.
Varun Deshpande, co-founder of OnJuno - “We are excited to unveil OnJuno - a neo banking platform that provides a high yield checking account to save more. Our mission with OnJuno is to help create an open financial system for the world by providing equal opportunity and access, no matter where you are born or how much you earn. We are also delighted to partner with Polychain Capital, Sequoia Capital’s Surge Program and Dragonfly Capital on this journey as we build a new age banking platform from the ground up”
The round also saw participation from Consensys Labs, Astarc Ventures, Singapore Angel Network and notable angels including Balaji S. Srinivasan (Ex-CTO, Coinbase and General Partner, a16z), Salil Deshpande (ex-MD, Bain Capital Ventures), Amrish Rau and Jitendra Gupta (CEO & MD, PayU India), Nitin Sharma from Incrypt, Venu Palaparthi (CCO, Dash Financial), Rajesh Chelapurath (President, Ceera Investments), Brian Ma (Founder, Divvy Homes), Sanjay Mehta from Mehta Ventures, Prashant Malik (Creator of Apache Cassandra).
OnJuno was founded in July 2019 by Varun Deshpande, Ratnesh Ray and Siddharth Verma, who also created the Consensys backed Nuo protocol in 2018. The trio had earlier founded BeeWise, an alternate credit analytics platform acquired in 2017 by Aditya Birla Money.
With the Fed currently cutting interest rates to lowest in a decade, OnJuno is currently offering a way to lock your rate for the year with Day 1 Priority Access. OnJuno Checking Account will be available across 3 tiers on launch - Metal, Premium & Basic. You can signup for priority access at onjuno.com
Varun is the co-founder of OnJuno, a cross border neo bank. A serial entrepreneur with experience in financial services. He writes often about financial inclusion and freedom.
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Banking Services Provided By
Evolve Bank & Trust; Member FDIC
The OnJuno Checking Account and Debit Card are part of an offering of CAPITALJ Inc ("OnJuno") and Evolve Bank and Trust, Member FDIC. Your deposits at each Bank are eligible for insurance by the Federal Deposit Insurance Corporation (FDIC) up to $250,000, subject to FDIC rules on aggregation of deposits held in the same insurable capacity. Please visit the FDIC website. Neither OnJuno by CAPITALJ Inc. nor any of its subsidiaries is a Bank.