Fintech startup Splitwise has raised $20 million in fresh funding.
The Providence, Rhode Island-based firm, which was founded in 2011, allows users to split payments such as a restaurant bill through its free app. Splitwise can also keep a tally of who owes what as well as enable users to split household costs. The new funding comes from Insight Partners, which also backs Vinted and Checkout.com.
“Our mission is to reduce the stress that money places on relationships,” Splitwise CEO Jonathan Bittner told Insider. “The pandemic has been unlike any year we’ve ever had but we’re expecting things to surge this coming year as things re-open.”
Bittner said that the drop-off in events like weddings and eating out was balanced out by an increase in household cost splitting and the company wants to be prepared for the return of group travel as the COVID-19 vaccine rollout continues.
“It’s really exciting for us to grow our partnerships and customer base,” Bittner added. “We are going into partnerships with exciting fintechs which will allow us to do things we weren’t able to offer previously.”
As of April 2021, over $90 billion in total transactions had been split on the Splitwise platform. In the US, the company partners with Venmo to help users exchange funds. “Fintech infrastructure players that are out there will enable us to do some really cool things,” Bittner said.
Funding will go towards more than tripling the company’s 11 strong staff by opening new offices in Cambridge, Massachusetts and the Bay Area. The fundraising process began at the end of 2020.
Check out Splitwise’s pitch deck below: