Tallinn-based FinTech startup Cino has secured €3.5M in seed funding to expand its real-time shared payment application across Europe and launch in the UK market.
Cino has developed a unique payment solution that allows groups to pay together in a single transaction. Unlike traditional bill-splitting apps that create debt and require follow-up payments, Cino charges everyone their share in real time at the point of checkout.
The app allows users to connect their card to the Cino app and get a virtual card. Users can join shared payment groups with customisable split ratios and make payments wherever Visa is accepted, with each member’s share automatically deducted at checkout.
Importantly, Cino is bank-agnostic, eliminating the need for users to share bank details or use the same financial institution.
FinTech gurus
Launched in 2023 by CEO Elena Churilova and COO Lina Saleh, Cino brings together expertise in product design and user experience. Churilova, who previously worked at Bumble and Booking.com, and Saleh, with a background in Human-Centered Design from Cornell University, have said they created a solution specifically designed for real-life situations.
“Fintech has always been one-dimensional, but we are social creatures. Our payments should reflect how we actually spend money – together,” said Churilova. The company has seen impressive growth in Finland and Italy, with 100% month-on-month growth. The average user group uses Cino 17 times monthly and spends up to €3,000 per group. New users typically make their first transaction within hours of signing up.
Unicorn trajectory
The €3.5M seed round was led by Balderton Capital, a prestigious VC firm which has previously backed Revolut among other startups, with participation from Connect Ventures and angel investors including Barney Hussey-Yeo, founder of financial assistant Cleo. Estonia, notably, is one of the most active FinTech ecosystems in the world, with success stories like Wise and dozens of other companies.
“For too long, people have accepted standard bill-splitting, debt tracking, and repayment requests as the only way to manage shared expenses – simply because there was no alternative. Cino’s viral growth demonstrates that there is an alternative which users love,” said Greta Anderson at Balderton Capital.
With this new funding, Cino plans to expand further across Europe and launch in the UK later this year. The company will develop new shared payment features and explore B2B payment and rent payment verticals.
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