Cino Raises €3.5M to Disrupt UK Bill Splitting with Real-Time App
Cino, a revolutionary real-time bill-splitting app, has raised €3.5 million in a seed round led by London-based Balderton Capital. The funding will fuel Cino's expansion into the UK market, where it aims to disrupt traditional bill-splitting methods. The app, developed by Elena Churilova and Lina Saleh, is particularly popular among Generation Z users who prefer instant bill splitting.
Cino has been making waves in Europe, with a monthly growth rate of 100% in markets like Finland and Italy. The app allows users to connect their bank accounts or digital wallets and receive a virtual card for payment groups. This feature, along with its innovative real-time bill splitting, has attracted investors who see Cino as a promising alternative to traditional methods.
Cino leverages the network effect by offering new users the chance to invite more people for free in their first six months. This strategy has contributed to the app's rapid growth and user base. On average, users spend €3,000 per month using the app, with an average of 17 transactions per month.
With the new funding, Cino plans to expand into the UK market, bringing its innovative real-time bill splitting to British users. The app's success in Europe, driven by its appeal to Generation Z and innovative features, has investors optimistic about its future. Cino is poised to revolutionize the way we split bills, making group payments more convenient and efficient.
