Payments company Hands In has scored $550,000 in a funding round to speed up the commercialisation of its group payment services.
Taking part in the funding round were representatives from firms such as GoCardless, Thredd, Elavon, FIS, Pay.com, PayU, Curve, and Free Trade.
Hands In claims it is ‘set to revolutionise the way groups pay together online’ by providing the ability for customers to split the cost of the basket at checkout.
Hands-In enables customers to split the basket between the group equally or by item, inviting all group members into the transaction. Each customer can pay into the group simultaneously, and no money is taken from anyone in the group until everyone has opted in and confirmed their participation. This innovative approach not only drives incremental sales for the retailer but also reduces e-commerce friction for groups paying online.
Global online travel agencies and airlines have already demonstrated their commitment to Hands In, with several agreements in place, including one with the 4th largest airline in Spain, which remains unnamed.
Hands In CEO and founder Samuel Flynn said, “The concept of not being able to split payments at the checkout came out of a real-life experience I had when I was at University. A group of us wanted to make a large ticket purchase with the cost shared between us, but the payment method at the time restricted one of us to upfront the bill and be left out of pocket. This made it a nightmare to complete the bookings.
“Research confirmed that the issue faced was universal, with up to 20% of travel bookings failing at checkout as a result. However, for many online travel agencies and airlines, building this solution on top of complex legacy infrastructure can be too expensive and time-consuming. Large players are looking for a solution that sits across their existing payment infrastructure, and that is exactly what Hands In provides. We are a young team delivering a solution to a real-life problem we faced, and we are hugely grateful to our investors, all of whom see the potential for Hands In.
“With this investment, we are looking to accelerate Hands In’s tremendous growth by supporting our global enterprise clients and payment partners. After that, we have plans to broaden the appeal into new use cases and develop new products and services.”
Keep up with all the latest FinTech news here.
Copyright © 2023 FinTech Global