Swedish banking app Qapital said to bag $30m in funding

Swedish banking app Qapital has reportedly picked up $30m in a new funding round.

The investment was led by Swedbank Robur and participation came from Northzone, according to various reports in the media. The company will look to use the funds to expand its operations globally.

Qapital is a banking app that helps users to save money or make payments with the Qapital card. Through the app, users can set up a variety of different savings rules, including a system which rounds up each transaction and puts the change straight into savings.

Users can make unlimited transfers between accounts, receive real-time transaction notifications, up-to-data balance and payment information, and instant access to funds when a savings goal has been met.

A selection of security measures are implements by Qapital, including a fingerprint ID, remote card lock from the app and FDIC insured up to $250,000.

Last year, the company picked up $12m in its Series A funding round last year, with investments from Industrifonden, Northzone, Rocketship VC, and Anthemis Exponential Ventures. Previously, the company also raised a $4.5m capital injection from Northzone and Industrifonden in late 2016.

This is just the latest FinTech investment completed by Northzone this year, having recently led the ?4.8m funding of online lending platform Anyfin. The firm also took part in the ?6m round of Zervant, a Finland-based online invoicing software developer for small businesses and entrepreneurs.

Last year, Sweden was the third biggest market for funding the European FinTech space, according to data by FinTech Global. The country picked up around 10 per cent of the total $5.4bn that was invested in the region in 2017.

Copyright ? 2018 FinTech Global

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