Willa secures $3M from EQT Ventures to let freelancers receives a commission instantly

Willa, the Sweden and U.S.-based fintech that desires to assist freelancers request fee and receives a commission instantly for a price, has raised $three million in funding. The corporate’s founders are former early members of Spotify’s development workforce and in addition created influencer advertising and marketing platform Relatable.

Main the seed spherical is EQT Ventures. Additionally collaborating is ex-Atomico associate Mattias Ljungman’s Moonfire Ventures, Nordic Makers, Michael Hansen and Johan Lorenzen. Willa says the injection of money will allow it to launch “Willa Pay,” an app that guarantees to take away the paperwork required when billing firms for freelance work and comes with a fee course of that claims to make it simpler to gather funds.

One you’ve accomplished a job, you utilize the Willa Pay app to enter the small print of the work, how a lot you’re speculated to receives a commission, and who you probably did the job for. Willa Pay then contacts the company and points the paperwork.

If you happen to want to receives a commission sooner than a company’s commonplace phrases, which is usually something from 30-90 days, for a small price Willa pays you straight. The thought is that freelancers acquire extra predictable revenue, and will pay their payments on time and shield their credit score rating.

“The fee course of between freelancers and firms is totally damaged,” says co-founder and CEO Kristofer Sommestad. “It’s constructed for the outdated world, by folks of the outdated world. Each freelancers and firms are struggling rather a lot from this. Not less than half of freelancers expertise issues getting paid, whereas a 3rd of funds are late. The consequence? Credit score scores decline”.

Sommestad says Willa Pay solves this downside by “re-engineering” the fee course of. “We’re creating it from scratch with the brand new freelance financial system in thoughts. And we’re beginning with freelancers’ greatest downside: getting paid, on time, each time. As a freelancer, utilizing the Willa Pay app is a sooner, less complicated and higher means of requesting fee in your work”.

To assist with Willa Pay’s launch, Sommestad says the product’s first 10,000 customers will likely be influencers, averaging a 100,000-plus following. “They’re good creators, the world’s finest product marketeers and struggling as a lot as anybody from the fee issues,” he tells me. “That is, by the way in which, an excellent distribution transfer from the Spotify development playbook”.

In the meantime, on the query of opponents, the Willa CEO says monetary companies are sometimes constructed by huge corporations like PayPal and Intuit, together with many startups “constructing shiny instruments or launching yet-another challenger financial institution”.

“However none of them are fixing the core downside for freelancers… That’s what we do at Willa. We’re specializing in fixing the largest downside, for the folks that endure essentially the most”.

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