Qapital

About Qapital

Qapital is a financial technology company that operates a personal finance application designed to help users manage their spending and automate savings. Founded in 2012 by George Friedman, Katherine Salisbury, and Erik Akterin, the company has roots in both Stockholm, Sweden, and New York City. The inspiration for Qapital stemmed from the personal finance challenges of its founders, husband-and-wife duo George Friedman and Katherine Salisbury. Salisbury, with a background in law and finance at firms like White & Case and Jefferies Finance, sought a better way to manage their family's money. Friedman, who previously worked as a Project Manager at Avanza, Scandinavia's largest brokerage bank, shared this vision. Together, they conceptualized an app that transforms saving into a rewarding experience by linking it to personal goals.

The company's business model is primarily subscription-based, offering tiered memberships at different price points, which include basic, complete, and premier plans. Revenue is also generated through interchange fees from its optional Qapital Visa® Debit Card, issued in partnership with Lincoln Savings Bank. Qapital targets a demographic of primarily millennials who are comfortable with digital-first services and are looking for intuitive tools to manage their finances.

The Qapital application is built on principles of behavioral economics to help users save money effortlessly. It allows users to set specific financial goals and automates savings through a system of 'Rules'. For example, the 'Round-Up Rule' saves the spare change from everyday purchases, while other rules can trigger savings for activities like going to the gym or getting paid. Beyond savings, the platform offers a full suite of financial tools including 'Qapital Invest' for automated, goal-based investing in ETF portfolios, a 'Qapital Spending' account with a debit card, and budgeting features like 'Payday Divvy' and 'Spending Sweet Spot'. The accounts are FDIC-insured up to $250,000 through partner banks. The platform also offers tools designed for couples to manage finances together.