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Qapital, founded by George Friedman and his team, is a mobile banking app designed to help users save money and invest automatically towards their financial goals using personalized "Rules." It merges checking, savings, and investing accounts into one platform, making goal-oriented money management effortless and engaging. The primary workflow involves linking an external checking account, creating specific savings or investing goals, and then setting up IFTTT-like rules (e.g., "round up spare change," "save $5 every time you buy coffee") to automatically transfer money. Qapital is exclusively available as a mobile application for iOS and Android, providing a streamlined experience for automated savings. Its most used feature is the "Round Up Rule," which automatically saves the spare change from everyday purchases. All account balances and transaction data are securely managed and synced in the cloud, utilizing bank-level security and FDIC insurance for checking and savings accounts.
Why It’s Useful
Qapital eliminates the struggle of manually saving money by automating the process through engaging and customizable rules, making saving feel effortless and even fun. For the busy parent trying to save for a family vacation, Qapital's "Guilty Pleasure Rule" could automatically transfer money whenever they indulge in a specific treat, making saving feel less like a chore. For the freelancer aiming to build an emergency fund, a "Payday Rule" could automatically transfer a set percentage of each client payment directly into their savings goal. Qapital offers a 30-day free trial that provides full access to its features, after which it requires a monthly subscription, demonstrating the value of its automation. It wins against traditional savings accounts by integrating behavioral economics and gamification, actively nudging users towards their financial goals rather than passively holding funds. The "Freelancer Rule" power feature allows users to automatically set aside a percentage of income for taxes, a crucial benefit for independent contractors. A non-technical person can link their bank and set up their first savings rule in under 5 minutes.
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