In an innovative twist to bill-splitting, European startup Cino is revolutionizing how groups manage shared expenses with its real-time payment app. Unlike traditional tools like Venmo or Splitwise, which often transform social dynamics into awkward debt collections, Cino offers a seamless experience by facilitating bill-splitting at the moment of payment, enabling individuals to pay only their share directly from their preferred bank account or wallet.
Cino has recently secured €3.5 million in a Seed funding round, led by London’s Balderton Capital. This funding is set to boost the app’s expansion into the UK, adding to its presence across continental Europe where it has been operating since its inception in 2023.
The brainchild of CEO Elena Churilova, a veteran from Bumble and Booking.com, and COO Lina Saleh, an alumna of Cornell University, Cino was created to alleviate the “financial awkwardness” typically faced by Gen Z when it comes to shared expenses. This demographic is increasingly moving away from the traditional approach of joint bank accounts for shared bills.
The app works by connecting a user’s card to its mobile platform, generating a virtual card for seamless transactions in shared payment groups. These groups allow users to set custom split ratios, making it easy to manage expenses, whether at a restaurant or elsewhere. At checkout, any expense incurred by a group member automatically divides among all, appearing transparently in the shared group feed. Users can join or exit these groups at will, offering flexibility and control.
While current functionality requires all participants to be Cino users, a future update is set to introduce integration with Apple Pay and Google Pay, simplifying the user experience even further.
Cino is witnessing rapid growth, with markets like Finland and Italy reportedly seeing a 100% month-over-month increase. On average, users interact with the app 17 times per month, managing expenses as high as €3,000.
CEO Elena Churilova describes setting up the app as user-friendly, akin to setting up groups in WhatsApp. The ability to issue virtual cards, adjust participant lists, and modify split ratios add to its appeal. The app also encourages connectivity through its network effect, allowing users to invite others to join, enhancing its viral potential.
The enthusiasm surrounding Cino is well-captured by its investors. Greta Anderson from Balderton Capital highlights that Cino’s popularity indicates a longstanding demand for a better solution than conventional bill-splitting and debt-tracking methods. With additional backing from Connect Ventures and Tera Ventures, alongside individual investors like Barney Hussey-Yeo, Cino is poised to transform how consumers approach shared spending.
This innovative platform is set to eliminate the hassle of group payments, taking away the stress of transforming social gatherings into formal accounting tasks and offering a new, integrated way to handle shared expenses.
