Cino Secures €3.5M to Transform Group Payments with Innovative Real-Time Split Card Solution

Cino Secures €3.5M to Transform Group Payments with Innovative Real-Time Split Card Solution

Cino, an innovative FinTech company focused on real-time shared payments, has successfully secured €3.5 million in seed funding. This financial boost is set to aid the company in launching its services in the UK and expanding its reach across Europe.

Funding Details

The funding round was spearheaded by Balderton Capital, with contributions from Connect Ventures and several angel investors, including Barney Hussey-Yeo, the founder of the AI-powered money management app, Cleo.

About Cino

Founded in 2023, Cino has created a unique payment application aimed at revolutionizing how groups, such as friends or family, split bills and manage joint purchases. Instead of relying on one person to cover payments and subsequently chase for their share, Cino enables all group members to pay their portions instantly and directly from their bank accounts at the point of sale.

Expansion Plans

The newly acquired funds will be utilized to:

  • Launch Cino’s services in the UK, where they already have a growing waitlist.
  • Accelerate expansion efforts across Europe.
  • Develop new features aimed at enhancing shared payments.
  • Explore opportunities in both B2B payments and rental transactions.

User Growth and Engagement

Cino has experienced significant popularity, particularly in Finland and Italy, boasting a remarkable 100% month-on-month growth. On average, users engage with the app 17 times a month, spending up to €3,000 collectively. Notably, new users typically complete their first payment within hours of signing up.

Leadership Insights

Elena Churilova, co-founder and CEO of Cino, stated, “FinTech has always been one-dimensional, but we are social creatures. Our payments should reflect how we actually spend money – together. Back in the cash days, it was simpler. Now that we’ve gone digital, payments need to evolve to keep pace.”

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Balderton Capital partner Greta Anderson added, “For too long, people have accepted traditional bill-splitting and debt tracking as the only methods to manage shared expenses. Cino’s viral growth shows there is a preferred alternative that users truly appreciate. We are thrilled to support Elena and Lina as they redefine how money circulates among people and groups.”

Conclusion

Cino is positioned to make a significant impact in the FinTech landscape with its innovative approach to shared payments. For more information on how Cino is transforming payment methods, visit their official website at Cino App.

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