Sweden and U.S.-based fintech startup Willa plans to support freelancers with advance payment for freelance work done for a fee. The startup has raised $3 million in funding. Willa is lead by early members of the Spotify’s growth team and secures investment from EQT Ventures with participation from Mattias Ljungman’s Moonfire Ventures, Nordic Makers and Investors Michael Hansen and Johan Lorenzen.
Willa says it plans to use the capital to launch “Willa Pay,” an app that promises to remove the paperwork overhead and fix payment delay problems experienced by professional freelancers. Freelancers will be able to process claims for payment through the app and will have access to advance payment options offsetting traditional 30 to 90 day payment processing lead times.
The process will be massively simplified according to Willa. Once you’ve completed a job, you will use the Willa Pay app to enter the details of the work completed, the amount that should be paid, and client you completed the work for and opt wether to receive advance payment by Willa for the Job. Willa will then manage the rest of the administrative process up to and including receipt of payment.
The strategy behind Willa Pay is for freelancers to have access to a more efficient freelance work admin processing platform with predictable income, helping side step traditional corporate working capital delay tactics for payment processing.
“The payment process between freelancers and corporations is completely broken,” says co-founder and CEO Kristofer Sommestad. “It’s built for the old world, by people of the old world. Both freelancers and corporations are suffering a lot from this. At least half of freelancers experience problems getting paid, while a third of payments are late. The result? Credit scores decline”.
Willa Pay's initial launch will be focused on a select group of leading creator freelancers, typically with an established market presence and community followings of 100,000 users or more.