Splitwise is a mobile application that attracted tens of millions of satisfied users. The goal of the company is to reduce stress that money puts on relationships. It helps with tracking debt and who owes who. The intuitive interface makes it easy to use and add new transactions or add up your debt or money that can be expected to arrive.
The company does not handle transfers, it is simply a place to organise your payments and see how much you are owed or owe someone. Most of the features are free to use and the application does not produce a ton of annoying pop-ups and ads. The way they make profit is the premium version of the application that for $3 per month. The premium version includes currency conversion, ad-free experience and receipt scanning.
The company does not handle any payments which means it did not need huge initial investment to attract many new users. They managed to gather worldwide fans and stay relevant from their start in 2011.
Recently the company was granted $20 million in series A funding. Before the seed funding the company the company grew organically with their initial $9 funding gathered at the beginning.
The CEO of Splitwise, Jon Bitter, mentioned that their new funds won’t be used to improve premium features but to make the application even more accessible for everyone. His goal is for everyone to invite their friends and provide them with an experience that is not pushy with ads.