Cino Revolutionizes Bill-Splitting at Checkout with New Seed Funding Round
In the realm of modern finance, bill-splitting has evolved, yet many solutions still fall short at the critical moment of payment. Enter Cino, a European startup revolutionizing the way groups manage shared expenses. Recently, Cino secured a substantial €3.5 million in seed funding, led by Balderton Capital, to further its innovative payment solution that allows users to split bills in real-time.
What is Cino?
Cino is a cutting-edge app designed to facilitate real-time bill-splitting, allowing users to pay their share directly from their preferred bank accounts or digital wallets. Launched in Tallinn, Estonia, in 2023, Cino is now setting its sights on expanding into the UK market.
Key Features of Cino
- Real-Time Payment Splitting: Users can split bills instantly at the point of payment, eliminating the need for debt collection.
- Customizable Split Ratios: Members can set adjustable ratios for how costs are divided, making it ideal for dining out or shared household expenses.
- Transparent Transactions: All payments are displayed in a group feed, ensuring clarity and ease of tracking.
- Easy Group Management: Users can join or leave payment groups as needed, maintaining flexibility.
Leadership and Growth
Cino is co-founded by Elena Churilova, previously with Bumble and Booking.com, and Lina Saleh, an alumna of Cornell University. The app has gained significant traction among Gen Z users, who are increasingly moving away from traditional joint accounts due to their preference for seamless financial interactions.
User Experience and Engagement
To start using Cino, individuals link their bank cards to the mobile app to receive a virtual card. This virtual card facilitates participation in shared payment groups, where expenses can be easily managed. According to Cino, users engage with the app an average of 17 times per month, with spending reaching up to €3,000.
“Setting up groups in Cino is as intuitive as using WhatsApp,” Churilova explained during an interview with TechCrunch. “You create groups, issue virtual cards, and manage members and split ratios effortlessly.”
The Road Ahead for Cino
Cino is not just about individual use; it leverages a network effect, encouraging new users to invite friends within their first six months of joining. With a reported 100% month-over-month growth in markets like Finland and Italy, Cino is poised for significant expansion.
“For too long, people have accepted standard bill-splitting methods as the only option. Cino’s growth shows that users crave an alternative,” said Greta Anderson, a Cino investor at Balderton Capital.
With additional investments from Connect Ventures and Tera Ventures, alongside notable angel investors like Barney Hussey-Yeo, Cino is well-positioned to transform how groups manage shared expenses. For more insights into innovative fintech solutions, check out our Fintech Solutions page.
