PYMNTS-MonitorEdge-May-2024

Qapital, The Simple Saver App, Launches Freelance Feature

For freelancers and contractors — a growing subset of the U.S. economy — estimating taxes can be tricky and costly. Now, there’s an app for that, as the saying goes.

Swedish startup and money management app Qapital, which launched in March and looks to help users save money and improve finances, said this month that it has debuted an app known as the Freelancer Rule. That app takes a preset percentage out of freelancer paychecks, reported Fast Company on Monday (Sept. 14), that can be set aside in an effort to pay taxes. That means when taxes are due on a quarterly basis, the funds are there to be paid out to the Internal Revenue Service. Thus far, Qapital is available on iOS only but aims to be available via Android by the end of the year.

As might be expected, noted Fast Company, the app is part of Qapital’s effort to reach out to a younger audience, as the millennial workforce tends to have “uneven” saving and/or financial practices in general. Qapital launched a feature this past June, known as IFTTT (for If This Then That), which allows the app’s users to set up savings targets that are tied to certain financial parameters, such as spending. By way of example, noted the publication, if a user spent a certain amount of money on, say, coffee, then a predetermined amount of money would be put away in a savings account.

Certainly, the millennial generation might be well-suited to the Freelancer Rule feature: As much as 38 percent of that generation (i.e., 35 and under) is employed in a freelancing capacity, which is more than the 32 percent that is comparable in the rest of the population in the United States, noted Fast Company.

[bctt tweet=”The millennial generation might be well-suited to the Freelancer Rule feature.”]

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PYMNTS-MonitorEdge-May-2024