Photo Credit: Nick Holmsten
Former Spotify exec Nick Holmsten’s Belong, a ‘challenger bank’ of rewards for music superfans, has raised $1.5 million in its first funding round.
Nick Holmsten, former Global Head of Music at Spotify, announced his new venture, Belong—a “challenger bank” aiming to reward music fans for their support of artists—back in April. Now, the company has raised its first funding round: $1.5 million in a “SAFE” round, fundraising in which investors provide money in return for equity stakes at a future date.
Holmsten announced the news on LinkedIn, saying that investors in the round included Lakestar, Backwards Capital, and Bell Partners, as well as individuals like his former Spotify colleague Troy Carter.
“With growing interest from investors, we’ve decided to open an additional $1M SAFE, closing at the end of September,” Holmsten added.
According to Belong’s website, customers will earn points for streaming music and videos within its app, and can use those points to redeem rewards like live artist sessions, tickets, merch, and other exclusives.
Holmsten has described Belong as “the intersection of fintech, fandom, and entertainment,” with a mission to “give fans the recognition, access, and rewards they’ve always deserved.”
Belong’s funding round is well-timed; the venture joins the growing “superfan economy” landscape that’s all the rage across the music industry. That includes heavy-hitters like Spotify, which plans to launch a “deluxe” tier that could include access to “superfan clubs” or other perks for the most committed listeners.
During his tenure at Spotify, Holmsten oversaw the platform’s music strategy and content operations; he left the company in 2019. Before that, he served as VP of Content at Spotify, following its 2013 acquisition of Tunigo, the music discovery service he founded.
As a challenger bank with a focus on entertainment, Belong aims to position itself to capitalize on the growing focus on artist-to-fan relationships—specifically targeting Gen Z customers. In the last decade, challenger banks have become more prevalent in the financial sector, offering digital banking alternatives to traditional solutions.
