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.
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.