Industrifonden has led a SEK 30 M founding round together with Northzone in Swedish FinTech company Qapital. Qapital operates on the US market and will use the funding to further develop and expand its digital banking service.
Qapital is a new mobile banking service that combines social functions and game-inspired automatic savings with traditional products such as bank cards and savings accounts. Users set personal targets for their savings in Qapital’s mobile application. Qapital automatically transfers small amounts to a savings account depending on which triggers the user has chosen.
“Our solution enables customers to save money based on their individual consumer patterns. Giving customers a simple overview of savings and direct feedback on their financial behavior based on self-defined targets lead to greater awareness. It helps customers become more rational in their consumption,” says George Friedman, CEO of Qapital.
Qapital was founded by George Friedman, Erik Akterin and Henrik Wrangel in Stockholm in 2013. Under the motto “Save small. Live large,” they want to help people spend their money in a smarter way and save money more easily. Based on behavioral economics research, Qapital’s services enable customers to quickly and effortlessly save for long-term targets with small automatic amounts.
Industrifonden’s investment in Qapital is one of its first in the FinTech sector.
“Qapital has an exciting service and Industrifonden sees great potential in the team and the company. The market for FinTech services will continue to grow and we see extensive needs for banking services based on customers and customer value. We all want to consume banking services in the same convenient and user-friendly way as we stream music,” says Sofia Ericsson Holm, Investment Manager at Industrifonden.
For more information, contact
Sofia Ericsson Holm, Investment Manager, Industrifonden
Tel: +46 76 634 43 40
George Friedman, CEO, Qapital
Tel: +46 70 432 67 37
Qapital was founded in 2014 with a mission to change the way that people bank. Our app combines beautiful design and cutting-edge financial technology for a mobile money tool that customers love to use. Save small, live large at www.qapital.com. Follow us on Twitter at @qapitalapp.
Industrifonden is a Swedish venture capital firm, investing in fast-growing early-stage tech and life sciences companies. Industrifonden is a long-term partner to exceptional founders with big ideas, committed to enabling innovation and growth. Founded in 1979, Industrifonden is a reinvesting evergreen fund with SEK 4 billion in assets. Read more: Web, Twitter, LinkedIn.