Mobile money-saving app Qapital raises $30 million to spend on growth
By Jonathan Shieber
Qapital, one of a slew of mobile applications trying to make it easier for users to save money (and spend it more wisely), has raised $30 million in fresh financing as it expands beyond savings to offer investment advisory services.
Since its launch in the U.S. in 2015, Qapital has amassed roughly 420,000 users that have saved nearly $500 million on the platform, according to the company.
But Qapital is more than just a Digit -style savings tool these days. The company has also folded in Qapital Spending through a linked Visa Debit Card that works with money saved through the app — as well as a budgeting tool called Qapital Weekly Spending Target.
The company now has designs on the robo-investment market through Qapital Invest, a new product that Qapital expects to roll out before the end of the year.
Photo courtesy of Highways England.