Qapital announces an investment round of $30M from Swedbank Robur and Northzone.
Qapital, a Stockholm, Sweden-based company providing banking services, announced securing a new investment round totalling $30M.
The money comes from backers including Swedbank Robur, Norron Asset Management, Athanase Industrial Partner and existing investor Northzone and will be used to expand the company's user base globally.
Qapital, founded in 2012 by CEO George Friedman and Erik Akterin, developed an easy-to-use, daily money management application that allows its users to organize their finances in a single place by connecting with their online accounts. The company added “rules” and “goals” approach to personal banking, enabling clients to create short-term goals, then decide on rules to automatically fund these goals, like sending a sum to the goal account each time they swipe their Qapital Visa Debit Card or a linked credit card. The goals can be funded through Qapital’s Spending Account (a checking account) or by linking an external funding source.
According to the company, over 420,000 people have used Qapital. The company is yet to be profitable, as in 2016 it registered a loss of SEK 33M ($4M) at SEK 12M ($1.4M) turnover.
Prior to this deal, Qapital raised almost $19M from a range of Swedish and international investors. The company is based in Stockholm and has an office in New York, USA.