Splitwise
“Can a decade-old expense-tracking app become the default settlement layer for friend-group and household finances by embedding payments and a debit card directly into the ledger experience?”
Founded2011
HQProvidence, RI, USA
IndustryFintech / Consumer banking
The story
Splitwise began as a pure expense-tracking and IOU ledger for consumers. Over the past two years it has moved firmly into embedded finance, launching Splitwise Pay (a wallet), the Splitwise Card (a Mastercard debit card backed by First Pryority Bank), and bank-account-linked payments via Tink's open banking rails. The strategic bet is to close the loop between tracking shared expenses and actually settling them — turning a passive ledger into an active payments product.
Last 12 months
2024-04
Product timeline
2011
Splitwise launched as a shared expense tracking and IOUs app for friends and roommates.· pivot
2024
Launched Splitwise Pay, Splitwise Pay Wallet, and Splitwise Card (virtual/physical debit card on Mastercard network), powered by First Pryority Bank.· banking
2024
Partnered with Tink to launch Pay by Bank (account-to-account payments and Account Check) starting in the UK.· banking
2025
Expanded Tink-powered Pay by Bank to France, Germany, and Austria, with 150% growth in UK account checks and payment initiations.· banking
Regulated entities
Fintech / payments services (via partner bank)
US · 2024
Splitwise, Inc.
The stack
Banking / BaaS
Ledger
Open banking
Sponsor bank
FX & payouts
Accounting gap: minor