UK-based Fintech firm SplitBill, which enables free instantaneous fund transfers between friends and family members and allows merchants to save in processing fees versus credit cards transactions, reveals that it has now raised £99,370 (of its £150,000 target) from 52 investors via Crowdcube.
SplitBill, which has built its platform around Open Banking, reports a £3 million pre-money valuation, 4.76% equity, and £10.00 share price.
SplitBill reveals that it has handled over £90k in C2C transactions, to date.
Some of the key stats/features shared by the company are:
- 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
SplitBill is an Open Banking technology-centered App, the company notes while adding that they aim to bring you “into the future with cardless payments.” Users and merchants may complete transactions via SplitBill by simply scanning a QR Code while visiting physical or online stores.
QR stands for “Quick Response” Code, the company explains while pointing out that it’s capable of storing a large amount of data and when scanned it lets the customer carry out an operation instantly.
While commenting on market conditions, traction, and growth potential, the firm confirmed that the United Kingdom currently leads in the Open Banking adoption and the financial data-sharing method “could boost the UK GDP by £1 billion annually.”
The company added that they identified a key opportunity to significantly lower card payments for their clients “given that the Open Banking sector is estimated to grow to £7.2bn by 2022.”
The company further revealed:
“To date SplitBill has been downloaded 3000 times and processed more than £90k via our Open banking 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.”
They also noted that thanks to this seed round, SplitBill is now planning to fund further tech developments with “a focus on the Merchant functionalities and invest in client acquisition and business development.”
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