Keep a Lookout for this Amazing PFM AppFebruary 18, 2015    By : Kate
Qapital, a new financial management app developer based in Europe, is poised to launch in the U.S. and looks forward to challenging companies like Mint in the personal finance management space. The company’s app differs from most account management software in its ability to save money for users. The app allows users to set monetary goals to save towards. As users hit their savings/spending targets, money is transferred from their bank accounts into a FDIC insured savings account managed by Qapital’s banking partner.
The company has gained the attention of around 15 angel investors. Qapital has already raised $1.3 million in a round led by the venture capital firm Northzone, and is becoming an ideal actionable savings app. It is currently in a private beta phase and combines PFM with features like safe balance, rule-based savings, goals planner, etc. Ideally, Qapital combines the less pleasant aspect of spending analysis with more pleasant goal-setting and planning.
Qapital also offers a prepaid debit card, and has a unique feature that sets it apart from existing personal finance apps. Namely, it lets you create events for your wallet that actually make saving money engaging. Users can set the “if/then” events based on specific spending habits and interests, a good example being: “If I keep within my weekly budget, transfer my roll over to my savings account”. Moreover, the FDIC insures up to $250,000 per Qapital account holder.
Qapital is also offering Qapital API access to a select group of customers. Headquartered in Stockholm, and capitalizing on Sweden’s strong heritage in design and engineering, Qapital aims to be the next big tech success to come out of that region.
Here is an illustration of the Qapital mobile app interface:
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