Household expense splitting has always been a pain, specifically when you are living with a roomate in a shared apartment. Splittable, an app that claims to solve the task and promises to simplify your shared living has raised $1.2 million in a series A funding led by VCs PlayFair capital, London Co-Investment Fund, Seedcamp. Founded by Nick Katz, the London-based startup plans to integrate payments into their app, across all platforms, this would enable its users to split their portion of a payment and directly pay it out.
Splittable aims to be a software specifically designed for regular consumers to easy payments for things like groceries, rent payments and other expenses. Without any complexity, Splittable app at a quick glance shows how much each person owes.
Their competitors include expense splitting apps like Splitwise and Venmo. Splittable however wishes to differentiate itself by focusing on household finance only. With the funding in place, they are planning to build better technology to enhance the user experience for consumers and service providers.
Splittable’s future plan is to make expand their options for paying out to different set of services related to household and not just limit to the present offerings.
Their business model includes taking a small convenience fee per transaction.
You can download Splittable here.