Cino, a FinTech firm specialising in real-time shared payments, has raised €3.5m in seed funding as it prepares to launch in the UK and expand its footprint across Europe.
The funding round was led by Balderton Capital, with participation from Connect Ventures. Several angel investors also joined the round, including Barney Hussey-Yeo, founder of AI-powered money app Cleo.
Founded in 2023, Cino has developed a payment app designed to transform how groups of friends, families or housemates split bills and make purchases together. Rather than one person covering a payment and chasing others for their share, Cino allows all members of a group to pay their portion instantly and directly from their own bank accounts at the point of sale.
The newly secured funding will support Cino’s upcoming UK launch, where it already boasts a rapidly growing waitlist. The company will also use the capital to accelerate its expansion across Europe and develop new features for shared payments. Additionally, Cino plans to explore opportunities in B2B payments and rental payments.
The popularity of Cino has been driven largely through viral user growth, particularly across Finland and Italy, where the app has reported 100% month-on-month growth. On average, groups use Cino 17 times a month, collectively spending up to €3,000. Active users typically make their first payment within hours of signing up.
Cino co-founder and CEO Elena Churilova said, “FinTech has always been one-dimensional but we are social creatures. Our payments should reflect how we actually spend money – together. Back in the cash days, it was simpler. Now that we’ve gone digital, payments need to evolve to keep up.
Balderton Capital partner Greta Anderson said, “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. We’re excited to support Elena and Lina as they redefine how money moves between people and groups.”
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