Tilt, a group crowdfunding app, is expanding into peer-to-peer payments to meet user demand.
The US company’s app allows users to collect money from the groups they create. The idea is targeted towards groups of friends raising money for things like trips and parties.
However, the company is now expanding its offering to allow users to request and pay each other directly.
The move will see it compete with PayPal-owned Venmo in the US, which it is yet to launch outside of its home market. PayPal acquired Venmo through its Braintree purchase in 2013.
Tilt is well funded having raised more than $62m to date. The most recent funding came through a $25m Series B round in July last year, which was led by Andreessen Horowitz.
Tilt is hoping that its presence in markets outside the US, as well as its lack of fees on peer-to-peer payments will enable it to take on Venmo, which processed $3.92bn in payments last quarter alone.
Copyright © 2016 FINTECH GLOBAL
