← Embedded Finance Index 2026

Juniper Square

“Can a private-markets fund operating system become the AI-native back-office layer that displaces legacy fund administrators?”

Founded2014
HQSan Francisco, CA, USA
FoundersAlex Robinson, Adam Ginsburg, Yonas Fisseha
Total raised$213M+ disclosed
Latest roundSeries D, 2025
Valuation$1.1B (2025)
IndustryVertical SaaS / Private Markets Fund Administration
The story

Founded 2014 as an investor management SaaS for commercial real estate GPs, Juniper Square expanded across private markets (PE, VC, credit) by 2019. In 2020 it added a fund administration services business (JSQ Administrative Services LLC), pivoting from pure software to a hybrid tech-plus-services model competing with legacy fund admins. In 2024 it deepened embedded finance by launching JSQ Treasury Services with integrated ACH/wire/check distribution payments powered by Modern Treasury and Cross River Bank. The 2025 Series D shifted the narrative again toward being an 'agentic era fund operating system' via JunieAI and Headless GPX.

Last 12 months
2025-06
2026
2026
2026
Product timeline
2014
Founded to modernize private markets investment management, initially targeting commercial real estate GPs· founding
2018
Series A led by Felicis Ventures; expands investor management platform for CRE· funding
2019
$75M Series C to expand beyond CRE across private markets· funding
2020
Launches fund administration services (JSQ Administrative Services LLC) alongside software· pivot
2024
Launches JSQ Treasury Services LLC and integrated distribution payments (ACH/wire/check) via Modern Treasury + Cross River Bank· banking
2025
Series D at $1.1B valuation; launches JunieAI enterprise-grade AI for private markets GPs· product
2026
Launches Headless GPX (MCP-compatible), Admin Oversight Agent 'Fay', and Nasdaq eVestment integration· product
The stack
8 layers disclosed in Juniper Square’s embedded-finance stack
Payments / PSP
Modern TreasuryCross River Bank
Money movement
in the full report
Banking / BaaS
in the full report
Ledger
in the full report
Open banking
in the full report
Sponsor bank
in the full report
FX & payouts
in the full report
Accounting
in the full report
Accounting gap: minor
13 more providers across 7 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.