Splittable raises $1.2m to help “generation rent” pay the bills
Mayor of London’s Co-investment fund has backed property tech start-up’s plans for an integrated payments platform
Property technology start-up Splittable has secured $1.2m in venture capital funding from Seedcamp, Playfair Capital and the Boris Johnson-backed London Co-Investment fund.
Launched in April 2015, London-based Splittable is a free app which seeks to help housemates track and manage shared costs, bills and expenses, showing who owes what and who should be paying next.
The company claims to have already signed up tens of thousands of users in the UK, US and internationally and will use this latest funding to grow its engineering and marketing teams.
It also plans to develop an integrated payments platform which will enable users to automatically track expenses and settle outstanding debts.
Nick Katz, Splittable co-founder, said: “Dealing with shared expenses in the home can be a huge source of conflict. I learned the hard way, falling out with a friend over our household bills. I’ve come across countless problems in my time sharing nine properties in London.
“We’re thrilled to have the backing of these top investors to deliver on our vision and support more renters through their often frustrating house-sharing journey.”
Boris Johnson added:
“London’s tech and science sector is flourishing and the city is a hotbed of talented and ambitious people buzzing with exciting ideas who are setting up new companies in their droves. I am delighted that the London Co-Investment Fund is helping companies like Splittable to make its ideas a reality and deliver jobs and growth for the capital.”