Willa is a technology company.
Willa has raised $3.0M across 1 funding round.
Willa has raised $3.0M in total across 1 funding round.
Willa is a fintech company that built a mobile app providing instant payment solutions, automated invoicing, and financial tools for freelancers and creators in the gig economy.[1][3][4] It served established social media influencers and freelancers—typically those with over 30,000 followers earning from brand deals—by solving slow payment delays (often 30-90 days) through immediate payouts for a 2.9% fee, while clients paid later.[1][3][4] Willa offered no-fee debit cards, client vetting, and paperwork automation, raising $31M total (including an $18M Series A in 2021 led by FinTech Collective) before ceasing operations post-Series A II.[1][3][5]
The company targeted the booming creator economy, where U.S. freelancers numbered ~60M and contributed $1.3T annually, with growth projected to make freelancing half the workforce by 2027.[3][5] Early traction included a 150K+ waitlist within a year of its 2020 app launch, but it ultimately shut down, marking a cautionary tale in fintech scaling.[1][5]
Willa was founded in 2019 by Kristofer Sommestad (CEO), Aron, Peter, and Stefan—early Spotify growth team members and prior founders of Relatable, a marketing platform for Fortune 500 companies.[3][5][6] Headquartered in Los Angeles (with ties to Stockholm, Sweden), the idea emerged from their work with thousands of influencers facing payment admin hassles, like chasing Net 30+ agency contracts.[1][3][6]
Pivotal early moments included a $3M seed from EQT Ventures, app launch in September 2020 amid rising freelance adoption, and rapid waitlist growth to 150K freelancers.[3][5] The $18M Series A in 2021 (totaling $21M then, later $31M) fueled expansion plans beyond influencers to all freelancers, but operations ceased after Series A II.[1][3][5]
Willa stood out in fintech by prioritizing creator-specific pain points over generic tools like PayPal's delayed invoicing.[3]
Competitors like Osu or Abillio offered quick invoicing but lacked Willa's instant-risk model or influencer focus.[1]
Willa rode the creator economy wave, fueled by gig work's explosion during remote shifts and social media monetization, where freelancers hit 60M in the U.S. alone.[3][5] Timing aligned with digital banking tailwinds and post-pandemic freelancing surge, challenging legacy banks that ignored irregular incomes for loans.[3]
It influenced fintech by proving demand for "pay-on-demand" in a $1.3T market, inspiring holistic platforms amid projections of freelancing dominating by 2027.[5] Though it ceased operations, Willa highlighted ecosystem gaps—highlighting risks in scaling creator tools amid economic pressures on startups.[1]
Willa's shutdown post-$31M raise underscores fintech pitfalls like high burn in competitive payments, but its model validated instant finance for creators.[1] What's next? Core innovations—risk-absorbed instant pay and admin automation—live on via acquirers or alumni ventures, as ex-Spotify founders pivot.[5]
Shaping trends include AI-driven invoicing and embedded finance in creator platforms (e.g., via TikTok/YouTube), with gig economy growth amplifying needs for lending tailored to variable incomes.[3] Willa's influence may evolve through team spinouts, powering resilient tools in a workforce increasingly freelance-dominated—echoing its mission to optimize the future of work.[4][5]
Willa has raised $3.0M in total across 1 funding round.
Willa's investors include Anorak Ventures, Atomico, Boost VC, Cyberstarts VC, EQT Ventures, Founders Fund, F-Prime Capital Partners, Index Ventures, Moonfire Ventures, Shasta Ventures, The General Partnership, UpHonest Capital.
Willa has raised $3.0M across 1 funding round. Most recently, it raised $3.0M Seed in June 2020.
| Date | Round | Lead Investors | Other Investors |
|---|---|---|---|
| Jun 1, 2020 | $3.0M Seed | Anorak Ventures, Atomico, Boost VC, Cyberstarts VC, EQT Ventures, Founders Fund, F-Prime Capital Partners, Index Ventures, Moonfire Ventures, Shasta Ventures, The General Partnership, UpHonest Capital, Venture Guides, Winklevoss Capital, Y Combinator, Amos Elliston, Anton Gauffin, Charlie Songhurst, David Bettner, Jeff Arnold, John Collison, Mattias Weinhandl, Mo El-Bibany, Othman Laraki |