How Much Did Splitwise Raise? Funding & Key Investors

Splitwise has successfully raised funding over six rounds, with Insight Partners and Walnut Venture Associates among its notable investors. The platform facilitates the management and sharing of expenses, making it easier for users to keep track of balances with 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 is a financial technology company based in Providence, Rhode Island, USA. The platform helps users manage and split expenses with friends, housemates, partners, and family, aiming to reduce the stress associated with shared expenses.

Founded in the early 2010s, Splitwise operates in the FinTech, Apps, Billing, Mobile Payments, and Personal Finance industries. The company employs between 11 and 50 people and offers both a web platform and mobile apps for iPhone and Android.

How Much Funding Has Splitwise Raised?

1. Series A
   • Amount Raised: USD 20,000,000
   • 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.
2. Series Unknown
   • Amount Raised: USD 3,799,995
   • Date: July 2018
   • Lead Investors: Not publicly disclosed
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To support company growth and product development.
3. Series Unknown
   • Amount Raised: USD 5,033,335
   • Date: October 2016
   • Lead Investors: Bullpen Capital
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To expand market reach and enhance product features.
4. Seed
   • Amount Raised: USD 1,400,000
   • Date: December 2014
   • Lead Investors: Not publicly disclosed
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To develop the initial product and enter the market.
5. 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 receive strategic support and resources from Mastercard.
6. 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 kickstart the company's operations and initial development.

Total Amount Raised: USD 30,233,330. 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: Splitwise, Shopify, Twitter.
• 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, software, consumer products.
  • Notable Investments: FanDuel, Ipsy, Namely.
• Mastercard Start Path
  • Details: Mastercard Start Path is an accelerator program by Mastercard that supports innovative startups in the fintech space. They provide strategic support and resources to help startups scale.
  • Investment Focus Areas: Fintech, payments, digital commerce.
  • Notable Investments: Splitwise, Revolut, Signzy.
• Walnut Venture Associates
  • Details: Walnut Venture Associates is a group of experienced entrepreneurs and investors focused on early-stage technology companies. They provide both capital and mentorship to startups.
  • Investment Focus Areas: Technology, software, internet businesses.
  • Notable Investments: Splitwise, HubSpot, Constant Contact.

What's Next for Splitwise?

Splitwise stands at the cusp of significant growth opportunities. With $20 million in Series A funding, the company is poised to expand its global user base and form new partnerships with fintech and financial services platforms. The surge in demand for cost-sharing solutions, especially as group travel resumes post-pandemic, presents a vast market for Splitwise to tap into.

Future fundraising efforts are likely as the company scales, with potential interest from larger fintech firms looking to integrate expense-sharing capabilities. However, Splitwise will need to navigate challenges such as competition from other fintech apps and maintaining user engagement. Ensuring data security and privacy will also be crucial as the platform grows.

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