Following this announcement, the initiative is expected to support Cino’s launch in the UK region, as well as its overall development across Europe. In addition, the seed funding was led by Balderton Capital, with Connect Ventures participating alongside other investing angels, such as Barney Hussey-Yeo.
Cino will continue to enable customers to pay together, charging everyone their share in real time, directly from their bank account at the point of checkout. Furthermore, the company will focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
Through the use of its services, customers of the company will be able to securely connect their card to the Cino app, get a virtual card, and join shared payment groups where they set adjustable custom split ratios. At the same time, any group member will have the possibility to pay for anything, wherever Visa is accepted, and everyone’s share will be automatically deducted at checkout.
Furthermore, individuals will no longer need to use the same bank to make shared payments or share bank details, as all payments are set to appear in the group feed for full transparency, and users can join or leave payment groups anytime. This process is expected to take place with no follow-ups, no tracking, no payment links, no sharing of bank details, no wallets, and no preloaded funds.
With this latest funding, Cino is also set to expand further across the region of Europe, while also prioritising the process of launching new shared payment features and exploring new verticlas, including rent and B2B transactions.
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