Tallinn-based fintech startup Cino, which provides shared payments with a single virtual card, has secured €3.5 million in a seed funding round led by Balderton Capital. The fresh capital will be used to expand into the UK and enhance its product.
- Established in 2023 by Elena Churilova and Lina Saleh, Cino claims its solution simplifies shared payments with a virtual card that splits costs at purchase.
- Cino allows each participant to pay their share directly from their bank account or wallet, eliminating the need for one person to pay upfront and request reimbursement.
- Users connect their bank account or debit card, create payment groups with custom split ratios, and add the shared virtual card to Apple Pay or Google Pay. Any group member can use the card for a purchase, and the app automatically deducts each person’s share at checkout.
Details of the deal
- The funding round was led by London-based VC Balderton Capital, which has raised two funds, a $615 million Early Stage Fund IX and a $685 million Growth Fund II, totaling $1.3 billion to invest in European tech startups from the seed stage through IPO.
“I can totally see why so many "Gen-Zennials" have gone mad for this product, and am personally counting down the days until the UK launch so I can start using it in my day to day," claims India Phillips from Balderton Capital.
- The investment also included participation from Connect Ventures, a London-based VC firm specializing in B2B, SaaS, fintech, consumer software, and digital health startups, as well as Tera Ventures, a global investment firm based in Estonia. Angel investors such as Barney Hussey-Yeo, founder of Cleo, also joined the round.
- The startup will use the fresh funds to expand into the UK, enhance its product by introducing a feature that allows non-users to join payments via Apple Pay or Google Pay, and scale its operations across Europe to meet growing demand.
