While Venmo or Splitwise are actually “debt collector” tools, which require a person to pay a full bill and then request funds from others, nor has the bill-sklitting break at the time of payment. European start Sprayerwhich has come up with such a product, now increased 3.5m euros in a round of seed funding led by London’s Balderton Capital.
The real -time joint payment application allows a group to separate the account and pay its share directly from any bank account or wallet they choose.
After appearing by Tallinn, Estonia and operates in mainland Europe by 2023, Cino will now use funding to extend to the United Kingdom
Leaded by co-founder and Managing Director Elena Churilova (former Bumble and Booking.com) and Coo Lina Saleh (Ex-Cornell University), Cino seems to be waves between gen Z, which does not like “financial embarrassment” and including bank accounts- Households-go on the road of Dinosaur.
To use CINO, users connect their card to the mobile app where they receive a virtual card. They can then participate in communal payment groups where they define adjustable adjustable separation ratios, such as those for a restaurant account. Each team member can pay for anything and everyone’s share is automatically removed at the fund, the company said.
All payments appear transparently in the group’s flow and users can participate or leave payment groups at any time.
Currently, all users must be a CINO user to operate the app, but the company also manufactures a new feature where you can participate directly through Apple Pay or Google Pay.
CINO claims to have a 100% monthly increase in markets such as Finland and Italy and says its customers use the application 17 times a month, on average, spending up to € 3,000.
“The way to adjust it is similar to the way whatsapp works,” Churilova explained for a call with TechCrunch. “You just create groups and then we issue virtual cards. You can add people, remove people from this virtual card and also change the segregation ratio.”
Cino’s journey began when Churilova was working in Bumble and began to divide the costs with colleagues: “I tried every tool out there to figure out how to do my weekends not in accounting exercises,” he said. “Then I had at the moment of thought, such as, ‘Why nobody is building a way to pay together? “”
The application also utilizes the effect of the network on a scale, as every new CINO user can invite two to four others free within the first six months of their accession.
“For a long time, people have accepted the standards of account separation, debt monitoring and repayment requests as the only way to manage common spending-just because there was no alternative,” Cino Greta Anderson’s investor in Balderton Capital said in a statement. “CINO viral development shows that there is an alternative to users.”
Connect Ventures and Tera Ventures also participated in this round, along with the angels, including Barney Hussy-Yeo (founder of Cleo).
