PROVIDENCE, R.I., April 28, 2021 /PRNewswire/ — Splitwise Inc, a leading interpersonal finance app for sharing expenses with friends and family, announced today they have raised $20MM in Series A funding led by global venture capital and private equity firm, Insight Partners. Splitwise will use the funding to grow its team, accelerate global customer growth, and create new partnerships with fintech and financial services platforms.
Splitwise was originally designed for roommates and couples to share bills and household expenses. The app, which allows users to track balances and organize payments, is also popular for group travelers, allowing them to effectively split costs accrued over a trip. During the COVID-19 pandemic, Splitwise experienced dramatic increases in household cost sharing, and as vaccinations roll out, Splitwise is poised to experience a surge in demand as group travel reemerges in 2021 and beyond.
"Amid COVID-19, Splitwise was more important than ever for people who live together, allowing them to share costs of daily essentials when they were hard to come by," said Jon Bittner, Splitwise's CEO and Co-Founder. "I'm even more excited about the year ahead as the world reopens to travelers, who will also benefit massively from sharing expenses with Splitwise."
As of April 2021, over $90B dollars in total transactions had been split on the Splitwise platform, and earlier this month, Splitwise launched a major refresh of its Android app to better serve global customers and markets.
"We are thrilled to partner with Splitwise during this next phase of growth," said Boris Treskunov, Principal at Insight Partners who will join the Splitwise Board of Directors. "Thanks to its excellent product, breadth of use cases, and word-of-mouth familiarity, Splitwise is well positioned to expand its position as the leading interpersonal finance app for family and friends to effortlessly share expenses."
"As Splitwise has grown to tens of millions of users and billions of dollars in costs shared, we believe that we have a unique opportunity to become the global platform for interpersonal finance," said Bittner.
Splitwise is the easiest way to split costs with friends and family and is on a mission to evaporate awkward conversations about money. Millions of roommates, travelers, couples, and coworkers around the world use Splitwise to keep track of shared expenses and keep everyone on the same page. To use Splitwise's free mobile apps or website, visit https://www.splitwise.com or search for Splitwise in the App Store or on Google Play.
About Insight Partners
Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software ScaleUp companies that are driving transformative change in their industries. Founded in 1995, Insight Partners has invested in more than 400 companies worldwide and has raised through a series of funds more than $30 billion in capital commitments. Insight's mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Across its people and its portfolio, Insight encourages a culture around a belief that ScaleUp companies and growth create opportunity for all. For more information on Insight and all its investments, visit insightpartners.com or follow us on Twitter @insightpartners.