Thanks to Revolut, sharing the expenses of a night on the town with friends just got a lot easier.
The London-based startup introduced a new feature that enables Revolut users to split a bill with anyone on their phone contacts list. The user pays with their RevolutCard, presses the “split bill” button on the Revolut app, then chooses which individuals in their contacts to share the bill with. The user can split bills evenly or change the amounts owed by each contact. Contacts get a notification letting them know how much they owe and, if the recipient has the Revolut app (free and available in iOS and Android), they can accept and pay their share of the bill with a single tap. If the recipient does not have the app, Revolut texts or emails a payment request link. Then they can download the app and accept the request.
See video of Revolut’s billsplitting feature in action.
Revolut’s billspliting feature accepts USD, GBP, and EUR, and is available in more than 42 countries in Europe. This is especially significant insofar as popular P2P payment options like Venmo and Square Cash are only available in the U.S. Revolut co-founder and CEO Nikolay Storonsky, who was named by Business Insider as one of 40 most exciting people in U.K. fintech, pointed out that the solution could be used for everything from a dinner with friends to the monthly rent between roommates. “Gone are the days of playing debt collector,” Storonsky said.
Founded in 2013, Revolut demonstrated its technology at FinovateEurope 2015. Last fall, the company won Best New Customer Facing Innovation at the Emerging Payments Awards 2016, and signed a memorandum of understanding with Bank of Lithuania to support cross-border payments. Revolut announced an $8.7 million funding round in July, taking the company’s total funding to more than $13 million and boosting its valuation to $54 million.