The age-old struggle of splitting bills has long relied on cumbersome methods like Venmo or Splitwise, which operate on a debt-collection model. These platforms require one person to initially cover the entire expense and then request reimbursement from others. However, European startup Cino offers a groundbreaking real-time solution that simplifies shared payments at the point of sale, and has recently secured €3.5 million in seed funding led by Balderton Capital.
Image Credits: Cino
Cino’s innovative app allows groups to seamlessly split bills and pay their individual shares directly from their preferred bank account or digital wallet. Launched in Tallinn, Estonia, in 2023, Cino has experienced significant traction in continental Europe. This new funding will fuel its expansion into the U.K. market.
Led by co-founder and CEO Elena Churilova, formerly of Bumble and Booking.com, and COO Lina Saleh, previously of Cornell University, Cino resonates particularly well with Gen Z. This demographic increasingly avoids shared bank accounts for household expenses and seeks to eliminate financial awkwardness.
Cino’s functionality is elegantly simple. Users link their payment cards to the mobile app, receiving a virtual card in return. They can then join shared payment groups and establish custom split ratios, easily adjustable for various scenarios like restaurant bills. Any group member can initiate payment, and each individual’s share is automatically deducted at checkout.
Image Credits: Cino
All transactions are transparently displayed in the group feed, and users can join or leave payment groups at their convenience. While currently requiring all participants to be Cino users, the company is developing integration with Apple Pay and Google Pay for broader accessibility.
Cino boasts impressive 100% month-over-month growth in markets like Finland and Italy. The company reports that its average user engages with the app 17 times per month, with spending reaching up to €3,000.
“Setting up Cino is similar to using WhatsApp,” Churilova explained in an interview. “You create groups, and we issue virtual cards. You can easily add or remove members and adjust the split ratio.”
The genesis of Cino stemmed from Churilova’s personal experiences splitting expenses with colleagues while working at Bumble. Frustrated by existing tools, she recognized the need for a more streamlined approach to shared payments. “I tried every available tool but still ended up spending my weekends on accounting tasks,” she recalled. “It led me to question why there wasn’t a solution for paying together directly.”
Cino’s scalability is further enhanced by its inherent network effect. Each new user receives invitations to introduce two to four friends for free within their initial six months.
Greta Anderson, a Balderton Capital investor in Cino, affirmed the market demand for this innovative solution. “For too long, people have accepted traditional bill-splitting methods as the only option,” she stated. “Cino’s rapid growth proves that users are embracing a superior alternative.” Cino’s real-time shared payment platform offers a significant advancement in managing group expenses, paving the way for a more convenient and transparent financial experience.
