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SplitBill allows free instantaneous money transfer between friends and family and enables merchants to save in processing fees versus credit cards transactions. Built around Open Banking, to date we have processed more than £90k in C2C transactions.

  • SplitBill is built around Open Banking technology
  • SplitBill has processed more than £90 k in transactions to date
  • Open Banking sector was predicted to quadruple to £7.2bn between 2018 and 2022
  • 3k combined App downloads to date

Idea

IDEA, PRODUCT AND SERVICE:

SplitBill is an Open Banking technology centred App. SplitBill brings you into the future with cardless payments, users and merchants are able to complete transactions through SplitBill by just scanning a QR Code in physical and online stores.

QR stands for "Quick Response" Code, it is capable of storing lots of data and when scanned it allows the user to execute an operation instantly.

TRACTION AND GROWTH:

The UK leads in the Open Banking adoption and Open Banking could boost the UK GDP by £1 billion annually.

SplitBill spotted an opportunity to reduce card payments for our users given that the Open Banking sector is estimated to grow to £7.2bn by 2022.

To date SplitBill has been downloaded 3000 times and processed more than £90k via our Openbanking partner, there are tremendous opportunities in the Checkout market including simplifying e-commerce enabling transactions without inserting card details (linked through API to the Merchants' Stores) and the possibility to settle restaurants bills at the table by just scanning a QR code.

Thanks to this Seed Round SplitBill plans to fund further technology developments with a focus on the Merchant functionalities and invest in client acquisition and business development.

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This pitch is approved by Crowdcube

This pitch is approved as a financial promotion by Crowdcube Capital Limited. Every pitch on Crowdcube is reviewed to ensure it is fair, clear and not misleading.

As part of our commitment to investor transparency, Crowdcube’s Due Diligence Charter outlines the analysis and verification that is conducted on equity fundraises on Crowdcube by our legal and compliance professionals.

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Risk warning

Investments of this nature carry risks to your capital, including illiquidity, lack of dividends and dilution. Balance risk with a diversified portfolio. Read more. Approved as a financial promotion by Crowdcube Capital Limited, which is authorised and regulated by the Financial Conduct Authority.

Investment opportunities are not offers to the public and investors must be eligible Crowdcube members. Further restrictions and Crowdcube's limitation of liability are set out in the Investor Terms and Conditions. Please seek independent advice as required as Crowdcube does not give investment or tax advice.

SplitBill has been given advance assurance by HMRC that the proposed share issue is likely to qualify for Seed Enterprise Investment Scheme (SEIS) tax relief.

Tax relief is available to individuals only, with income tax relief currently set at 50 per cent of the cost of the shares for the tax year in which the investment was made. The tax reliefs can also reduce your Capital Gains Tax bill. Read More.

Availability of tax relief depends on your individual and the company’s ongoing circumstances and applicable law.