Sweden-based mobile bank operator Qapital has raised Skr250m ($29.8m) in a round led by Ny Teknik, a subsidiary of financial services firm Swedbank’s asset management arm, Robur, Di Digital reported on Monday.
The round also included financial services firm SEB’s Pension Fund as well as investment managers Norron Asset Management and Athanase Industrial Partner.
Qapital has developed a mobile banking offering that provides checking and savings accounts. Users are encouraged to save money toward specific goals by setting up rules that control when cash is moved from a checking account into their savings.
The app automatically transfers a preset amount every time user-defined criteria are fulfilled, for example putting $10 towards a vacation each time they use their debit card to go to the gym. It also offers the ability to invest savings.
While it is headquartered in Sweden, Qapital has focused exclusively on the US market after failing to gain the support of domestic banks. It has signed up some 420,000 customers to date.
Anthemis Exponential Ventures, the financial wellness incubator set up by financial services firm MMI Holdings’ venture capital arm Exponential Ventures and VC firm Anthemis, had previously contributed to Qapital’s $12m series A round in March 2017.
The series A round also featured Swedish government-backed venture capital firm Industrifonden, technology investment partnership Northzone and VC fund Rocketship VC.
Northzone had previously led Qapital’s $1.3m seed round in 2014, before the company received $3.5m in pre-series A funding from undisclosed investors two years later.