Splittable, UK-based shared living and splitting bills app has announced it raising $1.2 million in funding round led by Seedcamp, Playfair Capital and the London Co-investment Fund, backed by the Mayor of London.
Founded in 2014 by Nick Katz and Vasanth Subramanian, Splittable is a web, iOS and Android app that helps the young renters of UK to manage their shared expenses. Since its launch few months ago, the app has signed up tens of thousands of housemates in the UK, US and other global markets.
Nick Katz said, “Dealing with shared expenses in the home can be a huge source of conflict. I learned the hard way, falling out with a friend over our household bills. I’ve come across countless problems in my time-sharing nine properties in London.” He added, “My cofounder and CTO Vasanth Subramanian and I decided it was high time to build a solution to save other renters from the same fate. Our vision is to harmonise the relationship between people and their homes, creating the best experience of living together. We’re thrilled to have the backing of these top investors to deliver on our vision and support more renters through their often frustrating house-sharing journey.”
With the fresh funds, Splittable plans to form the engineering and marketing teams, increase it marketing initiatives and fund the delivery of an integrated payments platform. The new features will allow housemates to automatically track expenses and settle up with each other in a matter of few clicks. Also, through the payment platform renters can pay for their many household services.
The startup Splittable is on a lookout to partner with universities, student unions & organizations, landlords and agents who target on student and young professional lettings. The partnership would help the startup to expand their business.
The Mayor of London, Boris Johnson said, “London’s tech and science sector is flourishing and the city is a hotbed of talented and ambitious people buzzing with exciting ideas who are setting up new companies in their droves. I am delighted that the London Co Investment Fund is helping companies like Splittable to make their ideas a reality and deliver jobs and growth for the capital.”
Reshma Sohoni, Partner at Seedcamp says: “We’re excited to be backing the Splittable team. They’ve got deep property and technology backgrounds and have already managed to deliver a platform with a rapidly growing customer base of young renters who love it. The private rental market is growing quickly and we think Splittable is going to be able to capitalise on developing their technology offering in tandem with this market.”
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