Sweden-based Woilà said to raise $3.1m

February 7, 2020

Woilà, a Swedish FinTech helping consumers to save money, has reportedly bagged $3.1m in funding.

Media company Schibsted led the round, with participation also coming from online loan startup Rocker and automated credit service Capcito, according to a report from FinTech Futures.

With the new funds, the company is looking to grow in its existing and international markets, launch new product verticals and expand its team.

The FinTech aims to transform payments and help consumers automatically earn money back on purchases. Its algorithm analyses each transaction to see if the customer got the best price for what they buy and then gives the savings back to the user.

Sweden has dominated the FinTech industry in the Nordics. The country has received 78% of the total $3bn which has been deployed to the region since 2015.

The country’s high percentage of venture funding is largely down to the payments giant Klarna, which was valued at $5.5bn in August. The top ten deals in the country were responsible for 91% of the capital raised in Sweden during the period 2015 to 2019, of which Klarna was responsible for four.