Venmo and Splitwise, often referred to as ‘debt collector’ tools, have limitations when it comes to bill-splitting at the moment of payment, as they require one person to pay the full bill and then request reimbursement from others. Cino, a European startup, has developed a product that addresses this issue and has secured €3.5m in a Seed funding round led by Balderton Capital, a London-based investment firm.

Cino’s innovative real-time shared payment app allows groups to split bills and pay their shares directly from their preferred bank accounts or wallets, streamlining the process and eliminating the need for intermediaries.

Having emerged from Tallinn, Estonia, and already operating in continental Europe since 2023, Cino plans to utilize the newly acquired funding to expand its services to the U.K. market, further increasing its user base and presence in the region.

Under the leadership of CEO Elena Churilova, formerly of Bumble and Booking.com, and COO Lina Saleh, ex-Cornell University, Cino is gaining popularity among Gen Z users who prefer to avoid “financial awkwardness” and are moving away from traditional joint bank accounts for shared expenses, such as household bills.

The Cino app functions by allowing users to connect their cards and receive virtual cards, which can be used to join shared payment groups with customizable split ratios, similar to those used for restaurant bills. Any group member can make payments, and each member’s share is automatically deducted at checkout, ensuring a seamless and transparent process.

All transactions are visible in the group feed, and users have the flexibility to join or leave payment groups as needed, making it easy to manage shared expenses and maintain transparency.

Currently, all users must be registered with Cino to use the app, but the company is working on a new feature that will enable users to join directly through Apple Pay or Google Pay, expanding accessibility and convenience.

Cino reports impressive growth, with 100% month-over-month increase in markets such as Finland and Italy, and an average of 17 transactions per user per month, with spending reaching up to €3,000, demonstrating the app’s potential and user engagement.

According to Elena Churilova, co-founder and CEO of Cino, the setup process is similar to WhatsApp, where users create groups and receive virtual cards, allowing them to add or remove people and adjust split ratios as needed, providing a user-friendly experience.

The idea for Cino originated when Churilova was working at Bumble and struggled with splitting expenses with colleagues, realizing the need for a more efficient and straightforward solution, which ultimately led to the development of the Cino app.

The app’s growth is also driven by its network effect, as new users can invite 2-4 others to join for free within their first six months, creating a viral loop that contributes to its expansion and user acquisition.

Greta Anderson, investor at Balderton Capital, commented, “For too long, people have accepted traditional bill-splitting and debt tracking as the only way to manage shared expenses, simply because there was no alternative. Cino’s viral growth demonstrates that there is a preferred alternative that users love.”

The funding round also saw participation from Connect Ventures and Tera Ventures, as well as angel investors, including Barney Hussey-Yeo, founder of Cleo, further validating Cino’s potential and innovative approach to shared payments.