Monzo has launched a game-changing feature, Monzo Split, to combat the staggering £3.2bn Brits lose annually by dodging awkward conversations about reclaiming shared expenses.
The digital bank’s research shows the average person sacrifices £61.48 each year, too uneasy to send a “Can you send me that £5?” text, with 68% admitting repayment requests feel awkward, according to FF News.
Over half (55%) of UK residents regularly cover costs for others, yet more than a third (35%) have clashed with friends or family over money owed. Among those losing out, 42% cite embarrassment, while 27% forget to ask, with £15 being the threshold most let slide without chasing.
Monzo has reacted, launching a seamless, fee-free tool designed to eliminate the stress of splitting costs, available to both Monzo customers and non-users worldwide. It handles tracking, dividing, paying, and even nudging for repayments, sparing users the discomfort.
The feature offers two smart options. “Running Split” tackles ongoing expenses—like group trips or bills—tracking costs over time and calculating settlements effortlessly. Meanwhile, “Single Split” simplifies one-off payments, such as dinners or taxis, with instant cost division.
Monzo users get the full experience: creating splits, inviting participants, linking expenses across accounts, and sending reminders. Premium plan holders can automate payments, while global guest users can join, add costs, and mark payments, ensuring smooth collaboration.
Andy Smart, Chief Product Officer at Monzo, said: “We know that chasing your mates when they owe money can be awkward, but that shouldn’t mean that people miss out on getting paid back. We’ve all been there – trying to stay on top of costs on a group trip, managing ongoing household expenses or buying that round of drinks – and then awkwardly chasing people. We don’t think splitting costs should come at a cost, so we built Monzo Split. Now, whether you’re a Monzo customer or not, we can take care of the tracking, the maths, and even the nudging, so you don’t have to.”
