Fintech startup Splitwise raises $20m Series A funding to accelerate global customer growth

Fintech startup Splitwise raises $20m Series A funding to accelerate global customer growth

Published: 29-04-2021 10:48:00 | By: Pie Kamau | hits: 5759 | Tags:

Splitwise Inc, an interpersonal finance app for sharing expenses with friends and family, announced the raise of $20 million in Series A funding led by global venture capital and private equity firm, Insight Partners. Splitwise will use the funding to grow its team, accelerate global customer growth, and create new partnerships with fintech and financial services platforms.

Splitwise was originally designed for roommates and couples to share bills and household expenses. The app, which allows users to track balances and organize payments, is also popular for group travelers, allowing them to effectively split costs accrued over a trip. During the COVID-19 pandemic, Splitwise experienced dramatic increases in household cost sharing, and as vaccinations roll out, Splitwise is poised to experience a surge in demand as group travel reemerges in 2021 and beyond.

Jon Bittner, CEO and Co-founder, Splitwise: "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 travelers, who will also benefit massively from sharing expenses with Splitwise. As Splitwise has grown to tens of millions of users and billions of dollars in costs shared, we believe that we have a unique opportunity to become the global platform for interpersonal finance."

As of April 2021, over $90 billion dollars in total transactions had been split on the Splitwise platform, and earlier this month, Splitwise launched a major refresh of its Android app to better serve global customers and markets.

Boris Treskunov, Principal, Insight Partners: "We are thrilled to partner with Splitwise during this next phase of growth. Thanks to its excellent product, breadth of use cases, and word-of-mouth familiarity, Splitwise is well positioned to expand its position as the leading interpersonal finance app for family and friends to effortlessly share expenses."  Boris will join the Splitwise Board of Directors.