Qapital, a New York and Stockholm, Sweden-based personal finance app dedicated to money management, raised $12M in Series A funding.
Backers included Northzone, Anthemis Exponential Ventures, Industrifonden and Rocketship VC.
The company intends to use the funds to strengthen the platform.
Co-founded by George Friedman and Erik Akterin, Qapital offers a personal finance app that encourages users to save for things they aspire for (like a vacation, wedding, or down payment on a home) by making behavior changes to achieve results.
The app allows users to set a goal and accumulate savings triggered by everyday behaviors, such as grabbing a morning coffee or ordering take-out. It employs IFTTT (If This Then That) technology, allowing users save money by using their favorite apps, such as posting a photo to Instagram or reaching a target on Fitbit.
In under two years, Qapital has 180,000 users who have opened and funded savings accounts and it is adding 10,000 new users accounts each week.
The company’s team also includes Ben White, Chief Experience Officer, and Dan Ariely, Chief Behavioral Economist.