Total amount raised
$30.2 Millions
Latest funding date
Location
Splitwise has successfully raised funding through multiple rounds, attracting notable investors such as Insight Partners and Walnut Venture Associates. The platform offers a seamless way to manage and split expenses among friends, family, and housemates.
Keep reading to explore the intricacies of Splitwise's fundraising journey and the investors backing this innovative platform.
What Is Splitwise?
Splitwise, founded in 2012, is based in Providence, Rhode Island. The company was established by Jonathan Bittner, Marshall Weir, and Ryan Laughlin. With a team of 11-50 employees, Splitwise offers a platform to manage and split expenses among friends, family, and housemates.
The application simplifies the process of sharing costs, ensuring that everyone pays their fair share. It organizes shared expenses and IOUs in one place, providing a seamless experience for users. Splitwise also sends monthly reminders about outstanding debts, helping to avoid any awkward conversations.
In addition to its core features, Splitwise offers a Pro version with advanced functionalities like receipt scanning, charts and graphs, and currency conversion. This makes it an invaluable tool for anyone looking to manage shared expenses efficiently.
How Much Funding Has Splitwise Raised?
- Seed Round
- Amount Raised: $1.4M
- Date: December 2014
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial product and establish a user base.
- Non-Equity Assistance
- Amount Raised: Not publicly disclosed
- Date: December 2014
- Lead Investors: Mastercard Start Path
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To gain strategic support and resources from Mastercard.
- Grant
- Amount Raised: Not publicly disclosed
- Date: November 2011
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support early-stage development and research.
- Venture Round
- Amount Raised: $5M
- Date: October 2016
- Lead Investors: Bullpen Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the platform and expand the user base.
- Venture Round
- Amount Raised: $3.8M
- Date: July 2018
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance product features and improve user experience.
- Series A
- Amount Raised: $20M
- Date: April 2021
- Lead Investors: Insight Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To grow the team, accelerate global customer growth, and create new partnerships with fintech and financial services platforms.
Total Amount Raised: $30.2M. Current Valuation: Not publicly disclosed.
Key Investors
- Insight Partners
- Details: Insight Partners is a global venture capital and private equity firm founded in 1995. They have invested in more than 400 companies worldwide and have raised over $30 billion in capital commitments.
- Investment Focus Areas: High-growth technology, software, internet businesses.
- Notable Investments: Twitter, Shopify, DocuSign.
- Bullpen Capital
- Details: Bullpen Capital is a venture capital firm that focuses on post-seed funding. They aim to bridge the gap between seed and Series A funding rounds.
- Investment Focus Areas: Technology, consumer products, enterprise software.
- Notable Investments: FanDuel, Ipsy, Namely.
- Mastercard Start Path
- Details: Mastercard Start Path is an engagement program for startups, providing them with resources and support to scale their businesses. It is part of Mastercard's broader innovation initiatives.
- Investment Focus Areas: Fintech, cybersecurity, commerce.
- Notable Investments: Not publicly disclosed.
- Walnut Venture Associates
- Details: Walnut Venture Associates is a group of experienced entrepreneurs and investors based in Boston. They focus on early-stage investments.
- Investment Focus Areas: Technology, healthcare, consumer products.
- Notable Investments: Not publicly disclosed.
What's Next for Splitwise?
With $20 million in Series A funding, Splitwise is poised to expand its team and accelerate global customer growth. The company aims to form new partnerships with fintech and financial services platforms, leveraging its existing user base and the increasing demand for expense-sharing solutions.
Future fundraising opportunities seem promising, especially with Insight Partners' involvement, which could attract additional investors. However, Splitwise will need to navigate challenges such as competition from other fintech apps and maintaining user engagement. As the company scales, adapting to different financial regulations and user preferences globally will be crucial.
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