Podcast

Learn from Fast Growing 7-8 Figure Online Retailers and eCommerce Experts

EPISODE 285 42 mins

Juni – The Digital Bank Built for eCommerce and Media Buying



About the guests

Samir El-Sabini

Kunle Campbell

Samir El-Sabini is the Co-founder and CEO at Juni. Prior to Juni Samir co-founded two companies in e-commerce and performance marketing, the first a failure and the second a lifestyle success. He has always been responsible for everything boring: accounting, finance, banking and legal. While working as COO for a fintech company, he realized it was possible to build something better for the eCommerce industry and decided to start Juni.



On today’s episode, Kunle is joined by Samir El-Sabini, Co-founder and CEO at Juni – the Digital Bank made for Media Buying. The platform aims to provide eCom businesses access to banking power, and has a waiting list of over 3000 while still being in Beta.

 

When entrepreneurs think about launching a new DTC or eCom business, the focus is usually on the product. While identifying the right product and market can help you drive revenue, other nitty-gritties like compliance and banking can put a dent in your profitability.

 

Most payment gateways have settlement periods ranging from 3-7 days. Delayed access to payouts can create cash flow issues for businesses. While access to credit in the eCommerce industry has certainly improved, choosing the right option for your business is still a very real challenge. This is where Juni is trying to reimagine banking for eCom and Media buying firms. Their services are completely focused on alleviating the pain points in eCommerce banking and credit.

 

In today’s episode, Kunle and Samir talk about the typical financial challenges faced by eCom businesses. You will get to hear about how specialised knowledge, automation and credit solutions can help overcome those challenges. This is a great episode for businesses selling internationally. There is also a special offer for 2xers!

 

Here is a summary of some of the most important points made,

    • Generic banking and credit solutions are not deep and valuable
    • Reconciling financial data between your cart, payment gateway and other apps is a daunting challenge
    • 67% of businesses delay their accounting, and miss out on key insights
    • Businesses selling internationally are often hostages to exchange rates
    • Delay in payouts can cause crippling cash flow issues

Covered Topics:

On today’s interview Kunle and Samir discuss,

  • eCommerce Banking 2.0
  • Financial Pain Points
  • Delayed Payouts from Payment Gateways
  • Credit solutions offered by Juni
  • Juni’s integrations
  • Juni’s positioning as an advisor
  • Special offer for 2xers

Timestamp:

  • 13:30 – Meet Samir
    • Based in Sweden, Lawyer by trade
    • Started off working in performance marketing
    • “Generic solutions can’t be deep and valuable”
    • Hands-on experience in his first company
  • 18:30 – Where does Juni operate:
    • EU and UK without Germany/Malta
    • Have multiple inquiries from global eCom companies
    • Approach is to focus on EU for now
  • 20:35 – Pain Points in eCommerce:
    • Integrating financial data from various apps and accounts
    • Compliance issues
    • Credit limits
    • Automating accounting
  • 27:30 – Typical issues with receiving international payments:
    • Paying cross-currency fees twice
    • Not withdrawing funds because of unfavorable exchange rates
  • 28:50 – Credit features in Juni:
    • Advancing credit based on visible Paypal balances
    • Allows for immediate payout without waiting for 3 days
    • Draw comfort from Paypal and Stripe history
  • 33:05 – Integrations:
    • Integrated with Paypal and Stripe
    • Integrated with over 5000 banks in Europe
    • Also working on Gmail integration to automate accounting
    • Big eCom platforms like Shopify, BigCommerce
    • Affiliate technologies like Everflow
    • Choosing Ad networks based on community feedback
  • 34:30 – Where does Juni fit in the eCom credit landscape:
    • Focus on solving short term liquidity
    • Want to become an advisor for companies on various options and solutions available to them
    • No fees currently, offering 1% cashback
  • 38:25 – Juni’s UI:
    • Mobile app will be rolled out later in the year
  • 39:40 – Special offer for 2xers:
    • Jump the waiting list by emailing samir@juni.co

Takeaways:

  • Businesses selling internationally lose a lot on cross currency conversion
  • Reconciling financial data between your cart, payment gateway and other apps is a daunting challenge
  • 67% of businesses delay their accounting, and miss out on key insights
  • Delay in payouts can cause crippling cash flow issues

Links & Resources

Tweetable Quotes:

“Generic solutions can’t be deep and valuable.”

Facebook Group • Continue the Conversation

The eCommerce GrowthAccelerator Mastermind Facebook Group has just launched.
It is a community…

✔️ for founders and experts passionately involved in eCommerce
✔️ for the truly ambitious wanting to make an impact in the markets they serve
✔️ for those willing and open to help and share with other members

Here is where to apply to join the Facebook group
>>http://bit.ly/ecommercefb<<

———–

SPONSORS:

This episode is brought to you by:

This episode is brought to you by Klaviyo – a growth marketing platform that powers over 25,000 online businesses.
Direct-to-Consumer brands like ColourPop, Huckberry, and Custom Ink rely on Klaviyo.

Klaviyo helps you own customer experience and  grow high-value customer relationships right from a shopper’s first impression through to each subsequent purchase, Klaviyo understands every single customer interaction,  and empowers brands to create more personalized marketing moments.

Find out more on klaviyo.com/2x.

This episode is brought to you by Rewind – the #1 Backup and Recovery App for Shopify and BigCommerce stores that powers over 25,000 online businesses.
Direct-to-Consumer brands like Gymshark and Movement Watches rely on Rewind.

Cloud based ecommerce platforms like Shopify and BigCommerce do not have automatic backup features. Rewind protects your store against human error, misbehaving apps, or collaborators gone bad with Automatic backups!

For a free 30-day trial, Go to Rewind.io,
reach out to the Rewind team via chat or email and mention ‘2x ecommerce’

This episode is brought to you by Famous.

Famous enables brands on Shopify to easily build beautiful landing pages and product pages that include custom video, animations, and more. All pages built on famous are optimized for storytelling and selling on desktop and mobile.

Famous’ software allows you to build your pages in minutes without code, so you don’t need a developer. You just need to want to build a better experience for your customers. Famous has worked in the past with many leading online retailers including Honest, Justfab and more.

You can try it for free at famous.co/2x.

About the host:

Kunle Campbell

An ecommerce advisor to ambitious, agile online retailers and funded ecommerce startups seeking exponentially sales growth through scalable customer acquisition, retention, conversion optimisation, product/market fit optimisation and customer referrals.

Learn from eCommerce Entrepreneurs & Marketing Experts


Get Free Email Updates by Signing Up Below:

Podcasts you might like

  • Customer Value OptimisationCustomer Value Optimisation On today’s episode, Kunle is joined by Will Laurenson, Founder of Customers Who Click - a Customer Value Optimisation consultancy and podcast. Will helps DTC brands optimise customer […]
  • How Manly Bands is Transforming the Way Men Buy Wedding RingsHow Manly Bands is Transforming the Way Men Buy Wedding Rings On today’s episode you’re going to learn about how a non-traditional strategy helped this bootstrapped 8-figure direct-to-consumer brand disrupt the traditional men’s wedding ring […]
  • The Marketer Behind Million Dollar Kickstarter CampaignsThe Marketer Behind Million Dollar Kickstarter Campaigns On today’s episode, Kunle is joined by Roy Morejon, Co-Founder & President of Enventys Partners - a full-service turnkey product launch agency based in Charlotte, NC. Roy’s company is […]