In today’s world where social interactions often involve shared expenses, the frustration with traditional bill-splitting methods is palpable. Apps like Venmo and Splitwise have made strides in managing shared bills, but they remain anchored to the antiquated model of one person covering the bill while others reimburse later. This approach lacks the immediacy and ease required in a fast-paced, digitally-driven society, particularly among younger generations who prioritize convenience and transparent financial interactions. This is where Cino, a fresh entrant from Estonia, has recognized and addressed a critical gap in the market.
Cino has crafted a solution that allows users to split bills and make payments simultaneously, eliminating the conventional back-and-forth that has characterized past efforts. With a recent €3.5 million seed funding round led by London’s Balderton Capital, Cino is set to expand its reach after making a mark in Europe since its inception in 2023. What makes Cino stand out is its real-time payment functionality, enabling users to pay their share directly from their preferred bank accounts or digital wallets, easing the burdensome task of debt collection among friends and acquaintances.
The company’s founders, Elena Churilova and Lina Saleh, have tapped into the frustrations felt by Gen Z and millennials—consumers who are increasingly shunning financial awkwardness in their relationships. With joint bank accounts falling out of favor, Cino is bringing a refreshing alternative to the table that resonates with modern financing needs.
Using Cino is designed to be an intuitive experience. Users start by linking their payment card to the app, gaining access to a virtual card that functions as their payment identifier in group transactions. Groups can be created easily, similar to how users create chat groups on messaging platforms like WhatsApp. This familiar interface lowers the barrier to entry, making it approachable even for the less tech-savvy.
Within these groups, participants can set adjustable split ratios, catering to scenarios like dining out or shared household expenses. The beauty of Cino lies in its clarity; all group payments are visible in the app’s feed, and users can freely enter or exit payment groups. Currently, Cino functions on a user-to-user basis, but the anticipated addition of joining through services like Apple Pay and Google Pay is bound to broaden its accessibility further.
Cino’s growth trajectory is nothing short of impressive; with claims of 100% month-over-month growth in markets such as Finland and Italy, and average usage rates of 17 times a month per user, the app is rapidly becoming a staple for young consumers. It satisfies a deep-seated desire for simplicity and transparency in financial engagements—a necessity for users often caught in the web of complex payment arrangements.
Elena Churilova’s revelation that her own struggles with bill-splitting led to the inception of Cino captures the essence of the startup spirit. Frustrated with existing tools that turned social outings into “accounting exercises,” her vision for a seamless payment solution was born.
Cino’s design also capitalizes on the network effect, encouraging viral growth through an incentivized referral system. Each new user, within the first six months, can invite friends to join the platform free of charge. This grassroots approach not only expands its user base but also fosters community bonding through shared financial experiences, an essential element for the app’s long-term success.
Investor Greta Anderson of Balderton Capital frames the significance of Cino’s model succinctly: “For too long, people have accepted standard bill-splitting… simply because there was no alternative.” In Cino, users find a fresh solution, and the enthusiastic reception affirms that a significant shift in how shared payments can be handled is underway.
As Cino looks to broaden its operations beyond continental Europe to the UK’s competitive fintech landscape, its approach to eradicating the awkwardness surrounding financial transactions among friends could be a blueprint for other startups aiming to innovate in this space. While the realm of bill-splitting has long been defined by outdated paradigms, Cino’s new approach is a promise of a more fluid and less transactional way to navigate shared costs.