Swedish Startup Space

Mobile banking service Qapital raises $1.3M in seed investment from Northzone

Written by on December 19, 2014

Qapital is building a banking service that helps millennials to save and spend in a smart way, even when they’re letting the good times roll. It features a pre-paid debit card, a personalized mobile app with finance and budgeting features, and the security of FDIC-backed savings. It’s currently in private beta in the US market, and the company has just raised a $1.3M seed investment led by Northzone to build out a team, expand its US and Swedish operations, and fully launch the product.

The round has been led by early Spotify investor and board member, and Northzone partner Pär-Jörgen Pärson who has been impressed by the Qapital team’s domain expertise and vision.

“Qapital is the way an everyday banking service should work — all mobile, sleek, and intuitive,” says Pärson. “It will help people track their spending habits, making your money last as you spend, and still meeting targets that let you save up for whatever special thing you want.”

“Qapital is the way an everyday banking service should work — all mobile, sleek, and intuitive” – Pär-Jörgen Pärson

Qapital believes that savings should be a smooth and simple user experience. The product enables its users to set up events that trigger automatic savings for specific goals. For example, every time a Qapital user resists temptation to buy a latte, they can trigger the app to put the equivalent cost into their Qapital savings account, earmarked for, perhaps, a trip to Bonnaroo. Eventually, the incremental savings add up.

The Northzone investment will help Qapital take the next step toward making savings accessible for everyone, even for young people who are carrying huge student loans. “Once they use it, I think people will start realizing that managing money isn’t boring,” says Qapital’s CEO and co-founder, George Friedman. “Spending and saving smart should be easy and sometimes even fun. We want to transform the old banking industry by building the next generation of banking services.”

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