Qwil raises $5 mln from Mosaik, NextGen, 500 Startups, SVB, others, wins debt financing

Qwil said it raised $5 million of Series A capital in a round led by Mosaik and joined by NextGen, Reciprocal, 500 Startups, Cantos Ventures, Ranch.vc and Silicon Valley Bank.

The San Francisco company also raised $102 million in debt financing in a round led by Route 66.

Qwil, which provides a service to quickly pay independent contractors, will use the money to hire engineers, expand sales and marketing, and to address regulatory compliance.