Swedish start-up Qapital is gearing up to launch its new financial management app in the US and Sweden, which has been designed to enable customers to save money for their specific goals.
The new service also allows users to track their spending, as reported by TechCrunch.
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The service transfers the money from the customers’ bank accounts into a savings account known as Qapital Savings Account and managed by Qapital’s banking partner.
In order to ensure hassle free services, Qapital uses a smartly-designed PFM app that includes all the usual account aggregation, spending, budgeting and goal-setting tools.
However, in creating a Qapital savings account – as revealed by TechCrunch – the firm is taking the PFM concept one-step further, moving into the territory occupied by disruptive ‘bank 2.0’ outfits such as Moven and Simple.
Qapital founder and CEO George Friedman was quoted by TechCrunch as saying, "We’re going after the 20% or 30% of your income that’s spent on crap."
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By GlobalDataIt is rumoured that Qapital has received some money from 15 angel investors, with the company to seek $5m Series A round following its launch in the US and Sweden.
Qapital will initially launch the service in the US as an account aggregation and budgeting tool.
