Willa, the Sweden and U.S.-based fintech that wants to help freelancers demand payment and get paid instantly for a charge, has actually raised $3 million in financing. The company’s creators are former early members of Spotify’s growth group and likewise created influencer marketing platform Relatable.
Leading the seed round is EQT Ventures. Likewise participating is ex-Atomico partner Mattias Ljungman’s Moonfire Ventures, Nordic Makers, Michael Hansen and Johan Lorenzen. Willa states the injection of cash will enable it to launch “Willa Pay,” an app that guarantees to remove the documents needed when billing corporations for freelance work and includes a payment procedure that claims to make it simpler to gather payments.
One you’ve completed a task, you utilize the Willa Pay app to get in the details of the work, how much you are expected to earn money, and who you got the job done for. Willa Pay then contacts the corporation and problems the paperwork.
If you want to earn money earlier than a corporation’s standard terms, which is often anything from 30-90 days, for a little fee Willa will pay you directly. The concept is that freelancers get more foreseeable earnings, and can pay their bills on time and safeguard their credit rating.
“The payment procedure in between freelancers and corporations is completely broken,” states co-founder and CEO Kristofer Sommestad. “It’s developed for the old world, by individuals of the old world. Both freelancers and corporations are suffering a lot from this. At least half of freelancers experience issues making money, while a third of payments are late. The outcome? Credit report decline”.
Sommestad says Willa Pay solves this issue by “re-engineering” the payment process. “We’re creating it from scratch with the brand-new freelance economy in mind. And we’re starting with freelancers’ greatest problem: making money, on time, each time. As a freelancer, utilizing the Willa Pay app is a faster, easier and better method of requesting payment for your work”.
To help with Willa Pay’s launch, Sommestad says the item’s first 10,000 users will be influencers, averaging a 100,000-plus following. “They are dazzling developers, the world’s finest product marketeers and suffering as much as anybody from the payment problems,” he informs me. “This is, by the method, a fantastic circulation move from the Spotify development playbook”.
On the question of rivals, the Willa CEO says financial services are usually constructed by enormous business like PayPal and Intuit, along with lots of startups “constructing shiny tools or releasing yet-another challenger bank”.
“However none are resolving the core issue for freelancers … That’s what we do at Willa. We’re concentrating on resolving the biggest problem, for the people that suffer the most”.
Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.