Pay By Group picks up $3.4m to split bills

Payments splitting service Pay By Group has raised $3.4m in its seed round.

The San Francisco-based startups is an alumni of 500 Startup’s accelerator programme.

The new round was led by SparkLabs Global Ventures and also saw participation from Great Oaks Capital, 500 Startups, Payment Ventures, Amino Capital and Kima Ventures.

Pay By Group aims to serve travel and retail e-commerce sites and claims that allowing customers to pay in groups can lead to a 268.7% higher conversion rate on 20% of online bookings.

The company is also a graduate of MasterCard’s Start Path accelerator and says the average size of its 300 clients’ orders have increased 16%.

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