Lithuanian bill-splitting startup Cino has successfully raised €3.5 million in Seed funding, led by Balderton Capital, to facilitate its expansion into the UK market.
Founded in 2023 by CEO Elena Churilova and COO Lina Saleh, Cino offers a real-time shared payment app that allows groups to divide bills and make payments directly from their preferred bank accounts or wallets. Users can securely link their cards to the Cino app and receive a virtual card, enabling them to join shared payment groups with customizable split ratios. Every group member has the capability to pay for purchases at any location that accepts Visa, with each individual’s share automatically deducted at checkout.
Cino’s platform is bank-agnostic, meaning users do not need to belong to the same bank or share their bank details to make shared payments. All transactions are displayed in the group feed for transparency, and users can freely join or leave payment groups as needed.
The company has reported remarkable growth, boasting a 100% month-on-month increase in Finland and Italy. On average, groups utilizing Cino make around 17 transactions per month, totaling as much as €3,000.
Elena Churilova, co-founder and CEO of Cino, remarks, “Fintech has always been one-dimensional, but we are social beings. Our payments should reflect how we actually spend money – together. Back in the cash days, it was simpler. Now that we’ve transitioned to digital, payments need to evolve to keep pace.”
In addition to its UK expansion, Cino plans to introduce new shared payment features and explore additional sectors, including B2B payments and rent.