In a world increasingly dominated by digital transactions, the methods of settling shared expenses remain frustratingly outdated. Traditional apps like Venmo and Splitwise emphasize a cumbersome model where one person pays a bill upfront, only to later chase their friends for reimbursement. This archaic approach not only fuels financial awkwardness but can also disrupt camaraderie among peers. Enter Cino, an innovative startup hailing from the technical hubs of Europe, which has zeroed in on solving this inefficiency with a bespoke application designed for real-time bill-splitting right at the time of payment.
Cino recently captured the attention of venture capitalists, raising €3.5 million in a Seed funding round led by Balderton Capital in London. With its roots in Tallin, Estonia, and a burgeoning user base across continental Europe since its inception in 2023, Cino aims to eliminate the discomfort associated with splitting bills. By seamlessly allowing users to pay their share directly from various bank accounts or digital wallets, Cino is poised to transform the way people collaborate on expenses.
What sets Cino apart from its predecessors is its clear focus on the needs and behavior of Gen Z. This demographic, known for their aversion to “financial awkwardness,” finds the outdated methods of bill-splitting to be increasingly irrelevant. The founders, CEO Elena Churilova and COO Lina Saleh, recognize that joint bank accounts for shared bills have become outdated, likening them to dinosaurs in a rapidly evolving tech landscape. Their solution? An app that allows users to create virtual cards linked to their individual accounts for easy and private group payments.
Cino’s user-friendly interface mimics social media platforms—think WhatsApp plus a financial twist. Users can establish customizable payment groups with adjustable split ratios, tailored to fit the context of different scenarios, such as dining out or splitting rent. This approach not only provides flexibility but adds a layer of transparency, as payments are reflected in real-time within the shared group feed. Such transparency fosters trust and accountability, which are crucial when handling shared expenses.
The Mechanics Behind Cino
Utilizing a design that enhances user engagement, Cino has a unique growth strategy based on the network effect. Each new user is incentivized to bring 2 to 4 friends onto the platform within their first six months, creating a viral loop of engagement and expansion. This growth strategy shines a light on the broader impact of social interactions on financial apps, inviting more users into a frictionless payment ecosystem. As the company continues to innovate, they’re also developing functionalities that will allow users to join through existing digital wallets like Apple Pay and Google Pay, further simplifying the onboarding process.
The app’s remarkable traction can’t be ignored. Cino boasts an impressive 100% month-on-month growth in countries like Finland and Italy, while average spending per user can reach up to €3,000 with approximately 17 transactions per month. These metrics not only signify customer engagement but also highlight a significant market gap that Cino is successfully filling.
Cino’s genesis can be traced back to Churilova’s experiences at Bumble, where she often struggled to split weekend expenses among colleagues. This firsthand frustration gave rise to an electrifying idea: A product that eliminates the need for extensive tracking and reimbursement conversations. “Why is no one building a way to pay together?” she recalls pondering, propelling her toward the entrepreneurial path.
Investor sentiments reflect this innovative approach, as Greta Anderson from Balderton Capital emphasizes the obsolete nature of traditional bill-splitting methods. Cino doesn’t merely offer an alternative; it provides a revolutionary experience that aligns financial transactions with the modern social fabric. By creating an effortless and appealing solution for shared payments, Cino is challenging the norm and signaling a shift towards more collaborative economic behaviors that resonate with a generation looking for simplicity and ease.
In an age when technology should enhance our day-to-day lives, Cino stands at the forefront, pushing the boundaries of how we manage shared expenses in a hyper-connected world.