Qapital, the Sweden-founded banking app for millenials, gets $4.5M in funding in a partial venture round.

Sweden Investments 29 December 2016
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Qapital, a Sweden-founded/USA-based mobile banking app for millenials, raised $4.5M in a round that is part of a larger one.

The backers are existing investors, high profile Swedish VC Industrifonden and Northzone, as well as an an American one, Rocketship.

Qapital was founded in 2012 by George Friedman, who also acts as a company's CEO. The company provides a banking service that helps millennials to save and spend in a smart way, and also offers a pre-paid debit card, a personalized mobile app with finance and budgeting features, and with the security of FDIC-backed savings.

Qapital is now managed from New York, in the United States, as its main focus is the North American market. Prior to this round, Qapital received a total of about $3M in investment funding, with the latest round in February 2016. With that occasion, Qapital announced that American economist Dan Ariely had joined the company as Chief Behavioral Economist.