Splitwise builds consumer fintech software that helps users record and come to terms with shared expenses without handling money transfers itself. The app tracks who owes whom to reduce stress and awkwardness in relationships, and it has attracted tens of millions of registered users who have shared or managed roughly $90 billion since 2011. The company monetizes via a $3/month Pro subscription and reports that its conversion rate from free to paid has not declined as the free user base has scaled. Splitwise historically grew organically with low paid acquisition spend and had raised around $9 million before this round. The new capital is intended to boost product cadence while preserving a useful free experience to encourage invitations and mass adoption. Splitwise is based in Providence, Rhode Island, and its leadership is weighing remote versus local hiring as it grows. Splitwise provides a web and mobile product for organizing shared expenses across roommates, travel groups, co-workers, friends, and couples, with a stated goal of removing the stress of money in relationships. The company emphasizes ease of use, faster workflows, and better communication tools, and plans investments in performance, automatic expense detection, partnerships, and improved payment-method visibility. Splitwise is not a payments company but supports PayPal and Venmo in the U.S.; it intends to expand accepted payment methods and make payment communication easier. The business currently generates revenue from advertising and a $1+/month premium version, and plans to introduce more pro features and other services to monetize while helping users. Operationally, users have shared over $1 billion in expenses in 2014 (US dollars counted) and the product has been run by a very small team—currently two engineers with the CTO also serving as lead designer. The newly raised funds will be used to hire additional talent and continue product development.

Total raised

$21M

Funding rounds

2

Latest round

Series A

Latest activity

Apr 2021