FinTech Startup Cino, a TNW community member, has secured 3.5 million € for his SFear -on app with which friends and family can pay with which friends and family can pay.
Cino is developed for technically experienced genes Z'ers who expect invoices to be together immediately and effortlessly without “financial awkwardness”, the company said.
In contrast to payment requirements, apps such as TikKie-Allen in the Netherlands split cinema bills in real time so that you do not have to hunt your friends down to cough this exorbitant sushi bill that they covered last week.
Cino is available in the EU, but the startup is now being expanded in Great Britain. Balderton Capital directed the seeds with participation from the participation of Connect Ventures, Tera ventures and angels, including founders of Cleo Ai Barney Hussey-Yeo.
Elena Churilova, CEO of Cino, a former product manager at Bumble, and Coo Lina Saleh founded the startup in 2023 to reduce the financial friction between friends and family. “It became clear to me that everyone was trying to solve the process of completing debts instead of coming earlier at the moment of payment,” said Churilova before TNW.
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Cino users link your bank card to the app, where you get a virtual card. You can then create or connect user -defined payment groups with fully adjustable split conditions. Then every share of the cash register is deducted. Each payment appears in a shared group feed for the entire transparency, and users can start in or outside of the groups at any time.
“FinTech has always been one -dimensional, but we are social beings, ”said Churilova. “Our payments should reflect on how we actually spend money together. It was easier in the money days. After we have become digital, the payments have to develop to keep step. “
Cino said it recorded 100% per month in Finland and Italy. Groups use Cino 17 times a month on average and spend up to € 3,000.
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