Splitwise
{{Short description|American financial technology company}}
{{Use American English|date=July 2024}}
{{Use mdy dates|date=July 2024}}
{{Infobox software
| name = Splitwise
| logo = Splitwise logo.svg
| released = {{Start date and age|2011|2}}
| genre = Personal finance software
| website = {{URL|https://www.splitwise.com/}}
}}
Splitwise is an online expense-splitting application software accessible via web browser and mobile app. The app facilitates repayments of shared bills by calculating what each person in a group owes. The primary competitor to the app is Venmo, which only operates in the U.S.{{Cite news |last=Peterson |first=Jake |title=Venmo May Have Just Killed Splitwise |url=https://lifehacker.com/tech/venmo-killed-splitwise | work=Lifehacker |date=2023-11-14}}{{Cite press release |url=https://newsroom.paypal-corp.com/2023-11-14-Introducing-Venmo-Groups |title=Introducing Venmo Groups |publisher=Venmo |date=2023-11-14}}
Splitwise allows users to create groups with friends to determine what each person owes. All expenses and allocations are added to the app, and Splitwise simplifies the transaction history to determine exactly what payments need to be made to whom to settle outstanding balances.{{Cite book |last=Boden |first=Anne |url=https://books.google.com/books?id=4uWYDwAAQBAJ&pg=PA87 |title=The Money Revolution |publisher=Kogan Page |year=2019 |isbn=978-1-78966-063-0 |location=New York |page=87 |via=Google Books}} Splitwise stores user information via cloud storage.
It was developed and is owned by Splitwise Inc., based in Providence, Rhode Island.
History
The app was launched in February 2011 as SplitTheRent, intended to be used for rent splitting, by Ryan Laughlin, Jon Bittner and Marshall Weir.{{cite news | url=https://www.bizjournals.com/boston/inno/stories/fundings/2014/12/16/splitwise-raises-14m-to-end-all-your-awkward.html | title=Splitwise Raises $1.4M to End All Your Awkward Conversations About Money | first=Lauren | last=Landry | work=American City Business Journals | date=December 16, 2014 | url-access=subscription}}
In September 2013, Splitwise was integrated with Venmo to allow users to settle payments via Venmo.{{Cite news | url=https://newsroom.paypal-corp.com/Venmo-Splitwise | title=Venmo + Splitwise | first=MATTHEW |last=HAMILTON | work=Paypal | date=September 11, 2013}}
In April 2024, Splitwise partnered with Tink, a Visa payment services company, to incorporate a bank transfer feature directly in the Splitwise app.{{Cite press release |url=https://tink.com/press/splitwise-tink-partner/ |title=Splitwise and Tink collaborate to make direct payments possible with Pay by Bank |publisher=Tink |date=2024-04-22 }}
=Financing=
In December 2014, the company raised $1.4 million.
In October 2016, the company raised $5 million.{{Cite news | url=https://www.reuters.com/article/markets/splitwise-inc-raises-about-5-million-in-equity-financing-idUSFWN1D10ZJ/ | title=Splitwise Inc raises about $5 million in equity financing | work=Reuters | date=October 31, 2016}}
In April 2021, Splitwise raised $20 million in funding from series A round run by Insight Partners.{{Cite press release |url=https://www.prnewswire.com/news-releases/splitwise-raises-20mm-in-series-a-funding-led-by-insight-partners-301278863.html |title=Splitwise Raises $20MM in Series A Funding led by Insight Partners |publisher=Splitwise | location=Providence, Rhode Island |via=PR Newswire |date=April 28, 2021 }}
Reception
A 2022 opinion piece in The Guardian by London journalist Imogen West-Knights shared the negative effects of exactly splitting bills among friends and family members. West-Knights argued that Splitwise and similar apps can "turn people into those true enemies of all that is fun and joyful in the world: accountants." However, she said the app does work better when used by couples rather than friend groups.{{Cite news |url=https://www.theguardian.com/commentisfree/2022/jun/19/splitwise-app-bill-split-fairly-transfer |last=West-Knights |first=Imogen |title=The Splitwise app is excellent for divvying up the bill, but it can't fix human nature |work=The Guardian |date=2022-06-19}}
Other reviews noted that the app makes people petty.{{Cite news |last=Clarke |first=Emma |title=I used Splitwise on a girls' holiday – it almost destroyed my friendship group |url=https://www.telegraph.co.uk/money/consumer-affairs/splitwise-group-holiday-nightmare-split-bills/ |work=The Daily Telegraph |date=2023-04-25 |url-access=registration}}{{Cite news | url=https://inews.co.uk/inews-lifestyle/friend-invited-round-dinner-splitwise-3235729 | title='My friend had us round for dinner - then put it on Splitwise' | first=Sadhbh | last=O'Sullivan | work=The i Paper | date=August 21, 2024}}
In contrast, an article published by Condé Nast Traveler describes how Splitwise eliminated stress caused by complicated offline bill splitting, saying it "fixed such a pervasive obstacle in group travel."{{Cite news |url=https://www.cntraveler.com/story/this-app-solved-my-biggest-problem-with-group-travel |last=Carey |first=Meredith |title=This App Solved My Biggest Problem With Group Travel |website=Condé Nast Traveler |publisher=Condé Nast |date=2019-09-23}}
Coverage by The Wall Street Journal lands somewhere in between the two contrasting views, saying Splitwise and similar apps are helpful, but users need to be prepared for difficult money-related conversations that may arise. An etiquette advisor at Debrett's, said, "The less talk you can have about money on any of these occasions, the better." An editor suggested conversations as simple as asking, "We’re splitting this evenly, right?" before a meal.{{Cite news |url=https://www.wsj.com/tech/personal-tech/split-payment-apps-tools-87cd4e31 |last=Tibken |first=Shara |title=The Best Way to Split the Check at Group Dinners—and Not Leave Grumpy |work=The Wall Street Journal |date=2024-05-14 |url-access=subscription}}
See also
References
{{Reflist}}
External links
- {{Official website|https://www.splitwise.com/}}
{{Authority control}}
Category:Companies based in Providence, Rhode Island