Qwil offers workers access to payments earlier than invoice due dates by advancing pay and charging a flat fee for the advance. The company underwrites using alternative data such as payment information rather than relying on FICO scores. Qwil can send payments to 140 countries in all major currencies and has advanced over $150 million in pay through its platform. Nearly half of customers continue using the service consistently after their first transaction. Qwil charges a flat fee for advances that equates to a roughly 20% annualized rate. The company was launched in 2015 by co-founder and CEO Johnny Reinsch and technical co-founder Paul Tiplady. With the new funding, Qwil plans to make new hires and continue supporting more freelancers and small businesses.

Total raised

$224M

Funding rounds

2

Latest round

Equity

Latest activity

Dec 2019