“Can a shared-expense ledger app become the default settlement and payment layer for friend-groups by embedding banking, open-banking rails, and a co-branded debit card — without becoming a full neobank?”
Founded in 2011 as a pure ledger app for tracking shared expenses, Splitwise deliberately avoided owning money movement for its first decade, relying on Venmo and other third-party rails for settlement. In 2024 the company pivoted into embedded payments by partnering with Tink for open-banking-powered Pay by Bank in the UK and launching Splitwise Pay — a wallet and Mastercard debit card sponsored by Coastal Community Bank — transforming from a debt-tracking utility into a lightweight consumer fintech stack. Modern Treasury's public customer listing suggests Splitwise also adopted ledger infrastructure to underpin the money-movement layer.
Splitwise discloses Coastal Community Bank as its banking provider, with Coastal Community Bank, Member FDIC as its sponsor bank, according to the Embedded Finance Index 2026.
Splitwise does not disclose a bank charter of its own; its banking services are provided through Coastal Community Bank, Member FDIC.
Splitwise's cards are issued through Mastercard (network) and issuer is Coastal Community Bank.
Splitwise runs its ledger on Modern Treasury.
Splitwise connects to bank accounts through Tink.
The Embedded Finance Index 2026 maps 6 layers in Splitwise's stack: Banking / BaaS (Coastal Community Bank); Card issuing (Mastercard (network) and issuer is Coastal Community Bank); Ledger (Modern Treasury); Open banking (Tink); Sponsor bank (Coastal Community Bank, Member FDIC); Treasury (Modern Treasury).
Splitwise was founded by Ryan Laughlin, Jon Bittner and Marshall Weir and is founded in 2011, headquartered in Providence, Rhode Island, USA.
Splitwise has raised $20M in total (latest round: Series A, April 2021).
Get a read on where your own stack stands against Splitwise and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.