Willa secures $3M from EQT Ventures to let freelancers get paid immediately

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Willa, the Sweden and U.S.-centered fintech that needs to aid freelancers ask for payment and get paid immediately for a payment, has elevated $three million in funding. The company’s founders are previous early customers of Spotify’s expansion workforce and also designed influencer marketing and advertising system Relatable.

Primary the seed spherical is EQT Ventures. Also taking part is ex-Atomico companion Mattias Ljungman’s Moonfire Ventures, Nordic Makers, Michael Hansen and Johan Lorenzen. Willa states the injection of money will help it to start “Willa Pay,” an application that claims to clear away the paperwork necessary when billing businesses for freelance function and will come with a payment method that promises to make it simpler to gather payments.

One particular you have concluded a task, you use the Willa Spend application to enter the facts of the function, how a lot you are intended to get paid, and who you did the task for. Willa Spend then contacts the company and concerns the paperwork.

If you want to get paid previously than a corporation’s typical phrases, which is frequently something from 30-90 times, for a little payment Willa will fork out you right. The plan is that freelancers achieve a lot more predictable profits, and can fork out their charges on time and safeguard their credit score rating.

“The payment process between freelancers and corporations is completely broken,” states co-founder and CEO Kristofer Sommestad. “It’s built for the old world, by people of the old world. Both freelancers and corporations are suffering a lot from this. At least half of freelancers experience problems getting paid, while a third of payments are late. The result? Credit scores decline”.

Sommestad states Willa Spend solves this challenge by “re-engineering” the payment method. “We’re creating it from scratch with the new freelance economy in mind. And we’re starting with freelancers’ biggest problem: getting paid, on time, every time. As a freelancer, using the Willa Pay app is a faster, simpler and better way of requesting payment for your work”.

To aid with Willa Pay’s start, Sommestad states the product’s very first 10,000 consumers will be influencers, averaging a 100,000-furthermore adhering to. “They are brilliant creators, the world’s best product marketeers and suffering as much as anyone from the payment problems,” he tells me. “This is, by the way, a brilliant distribution move from the Spotify growth playbook”.

In the meantime, on the issue of competition, the Willa CEO states money companies are commonly designed by enormous corporations like PayPal and Intuit, together with quite a few startups “building shiny tools or launching yet-another challenger bank”.

“But none of them are solving the core problem for freelancers… That’s what we do at Willa. We’re focusing on solving the biggest problem, for the people that suffer the most”.