Providence-based interpersonal finance app for sharing expenses with friends and family Splitwise raised $20m in Series A funding.
The round was led by Insight Partners, which has also backed Vinted and Checkout.com. In conjunction with the funding, Boris Treskunov, principal at Insight Partners, will join the Splitwise board of directors.
The company previously has raised a total of $10.2m in funding from over five rounds.
The new cash injection will be used to grow its team, accelerate global customer growth and create new partnerships with FinTech platforms. Furthermore, it will also help the firm in boosting its team by opening new offices in Cambridge, Massachusetts and the Bay Area.
Founded in 2011, Splitwise, which was originally designed for roommates and couples to share bills and household expense, now also allows users to track balances and organise payments. The app gained much popularity with travellers, allowing them to effectively split costs accrued over a trip. In the US, the company partners with Venmo to help users exchange funds.
Splitwise CEO Jon Bittner said that in the wake of the Covid-19-induced lockdown, which put a pause on eating out, there was an increase in household cost splitting which meant the firm saw more users. The company wants to be prepared for the return of group travel as the COVID-19 vaccine rollout continues. “Amid COVID-19, Splitwise was more important than ever for people who live together, allowing them to share costs of daily essentials when they were hard to come by.
“I’m even more excited about the year ahead as the world reopens to travellers, who will also benefit massively from sharing expenses with Splitwise,” Bittner added.
As of April 2021, over $90bn in total transactions had been split on the Splitwise platform.
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