Swedish savings app Qapital has picked up $12m in a Series A round to further develop its personal finance platform.
The investment comes from Stockholm-based VCs Industrifonden and Northzone, as well as New York’s Rocketship VC and London-based Anthemis Exponential Ventures.
Targeting younger users, Qapital offers an FDIC-insured account into which it automatically transfers savings for users who set their own goals.
Company CEO George Friedman said: “Our young audience has a natural distrust of traditional banks, but they love using Qapital to help them be more intentional with their money.
“It’s amazing how things change when people are clear on their goals and can visualize achieving their goals.”
The company also operates an office in New York and will use the new capital to further develop its platform.
Qapital previously raised $4.5m in a December round co-led by Northzone and Industrifonden.
Northzon partner Pär-Jörgen Pärson said: “We’ve been impressed by what the Qapital team has achieved since we first invested.
“The fantastic user engagement speaks for itself: the team has built a product that customers really love and the app is consistently rated one of the best personal finance apps in the industry.”
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