Cino cracks bills of bills at the time of payment, raises seeds circle

While Venmo or Splowwise is effectively “debt collection tools” that require one person to pay a full account and then request funds from others, none of them has drilled the billing of the bill at the time of payment. Startup CinemaWho comes out with exactly such a product now brought up € 3.5 million in a seed funding circle led by London Balderton Capital.

The real -time shared payment application allows the group to divide the bill and pay their share directly from any bank account or portfolio they choose.

After appearing from Tallinn, Estonia and operates at Continental Europe from 2023, Cino will use funding to expand to the United Kingdom

Guided by Executive Director Elena Churilova (former Bumble and Booking.com) and Coo Lina Saleh (former University of Cornell), Cino seems to be straight waves among the gene Z, which does not like “financial awkward” and among which joint bank accounts-to pay things like shared household accounts, on the path of di-dittle the path of dittlements.

To use Cino, users connect their card to the mobile app where they receive a virtual card. They can then join shared payment groups, where they determine adjustable division coefficients of personalized ones, such as the restaurant account. Each member of the group can pay for anything and the share of each one is deducted automatically at the cashier, the company said.

All payments appear transparently in the group’s issue and users may join or leave payment groups at any time.

Currently, all users are not a Cino user to operate the app, but the company also builds a new feature where you can join the Apple Pay or Google Pay directly.

Cino claims to have an increase of 100% per month in markets such as Finland and Italy and says its customers use the app 17 times a month, average, spending up to 3000 euros.

“The way to set it is similar to how WhatsApp works,” explained Elena Churilova, co -founder and CINA CEO while calling with TechCrunch. “You just create groups and then issue virtual cards. You can add people, remove people from this virtual card and also change the separation ratio. “

CINO’s journey began when Churilova worked at Bumble and began to split the costs with colleagues: “I tried every instrument that was possible to figure out how to get my weekends not in accounting exercises,” she said. “Then I just had this as a moment of thinking, like” Why does no one build a way to pay together? “

The app also uses the network scaling effect, as each new Cino user can invite 2-4 others free of charge within the first six months after joining.

“Too long, people accept standard requests for billing, debt tracking and repayment requests as the only way to manage shared costs-simply because there is no alternative,” said Cino Greta Anderson investor from Balderton Capital. “Cino viral growth shows that there is an alternative that consumers love.”

Connect Ventures and Tera Ventures also participated in this round, along with Angels, including Barney Hussey-Yeo (Cleo founder).