B2B Payments

Xolo Receives $6.8M, Debuts New Tools For Freelancers

Xolo, formerly named LeapIN, has announced new funding and the debut of a new service targeted toward “virtual companies.”

In a press release Monday (July 15), Xolo announced $6.8 million in Series A funding led by Europe-based Karma Ventures, Vendep Capital and Leap Ventures. In addition to the new funding, Xolo announced the debut of two new products, Xolo Go and Xolo Leap.

Xolo Go aims to accelerate freelancers’ ability to launch their business by connecting them to bank accounts, invoicing, expense management and payout functionality, while Xolo Leap supports the launch of EU-registered business with banking, accounting and tax compliance services.

The solutions are designed for what Xolo dubbed the “virtual company” to mitigate friction of new businesses launching in a world where they must interact with national governments and operate across borders. They add to the company’s existing suite of services that include support to form an online company and connect entrepreneurs with banking, accounting and compliance solutions.

“Administrating independent professional business in a traditional way may take up to two days a month,” said Chief Executive Officer Allan Martinson in a statement. “Our aim is to cut that down to near-zero. Xolo is the quickest and easiest way to launch and run a one-person freelancing business in Europe.”

He added that the largest markets for Xolo are Germany, Spain, France, the U.K., Ukraine and Turkey.

In another statement, Karma Ventures partner Margus Uudam said investors are “fascinated” by Xolo’s services and “vision of powering the revolution of free work.”

Freelancers present a vast opportunity for FinTechs to address a range of friction points for entrepreneurs looking to embrace a be-your-own-boss career. In PYMNTS’ latest Gig Economy Index, a Hyperwallet collaboration, researchers found that nearly 20 percent of gig economy workers do not have a job outside of the gig economy.

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