Swedish-American fintech startup Willa is today announcing that it has raised $3 million from EQT Ventures to help creative professionals and freelancers spend less time worrying about admin and chasing (or even missing) payments.
Founded by four entrepreneurs with a background at Spotify and influencer marketing agency Relatable (picture down below, but don’t hold your breath for a very diverse team), the fledgling company is about to launch a service called ‘Willa Pay’ to provide its community of creative freelancers with an easier way “to get paid with no paperwork or risk”.
Co-headquartered in Stockholm and Venice, California, the Willa team says it set out to design a client communication and payment process specifically for the freelance and influencer communities, removing the hassle associated with invoicing, and ensuring people get paid timely for their work.
If freelance professionals use the Willa app to get their payments earlier than their clients’ standard terms (typically between 1 and 3 months), the startup will pay the freelancer directly and take a fee.
It’s not immediately clear to me how high that fee will be, exactly, as the app is in private beta at the moment and invitation-only until its launch in Q3 2020.
Kristofer Sommestad, co-founder and CEO at Willa, says: “Freelancing is the future of work. But most of our society hasn’t caught up with this. Freelancers still have a hard time getting the same support, benefits, protection, and access to financial services as employees. They’re left out in the cold.
“The COVID-19 situation has obviously made it more difficult for freelancers to meet the demands of rent, mortgages, bills, children, and elderly relatives — but it has also made us at Willa even more determined to help out,” he continued.