Long burdened by an economic recession and oppressive student debt, millennials, it seems, are finally starting to save money. Swedish startup Qapital, which has been helping millennials and the digitally savvy automatically save for everything from beachside surfing trips to a new car since 2015, wants to help them save better.
Already its mobile app connects with banks to slog away money for 1.3 million users. It even has an if-this-than-that functionality that adds cash to your savings when you, say, buy another latte at Starbucks. On average, Qapital users save $1,500 per year. Now, it’s launching a suite of financial services to help people who want to handle their finances with a bit more granularity. But don’t worry, it’s still automated.
Today the company is rolling out three new products:
- Payday Divvy: As soon as your deposit hits your account, Qapital will divide up your check. A person may, for example, want to parcel out their expenses first. The app will give you the opportunity to decide what you want to do with the rest, whether than means putting a portion of it into a savings account or beginning a foray into investing.
- Qapital Invest: This is Qapital’s first time getting into the investment game. Its approach is similar to micro-investing account Acorns. Starting at $10, Qapital invest will put your money into a portfolio of stocks based on the risk level you’re comfortable with.
- Spending Tracker: Qapital will help you set a budget–daunting, I know. Once it’s set, though, the app will notify you when you spend money with balance updates that tell you when and where you spent that dough. This feature is meant to help you find the perfect amount of spending, so you still get that coffee in the morning, but maybe bring your lunch to work more.
An important note: Qapital is no longer free. Starting today, it is launching a new subscription service. Users will now have to pay either $3, $6, or $12 a month to access various Qapital savings tools. Longtime Qapital users will be grandfathered in to the new system, which means they can continue to use Qapital for free. The rest of us will have to pay.