Payments are always awkward when it comes to parties or being around with friends. When you plan a dinner with friends or family members, it may get uncomfortable. Getting a bill from the restaurant could be problematic. Let’s take a live example – you got coffee while your friend ordered Pizza and coke. How would you split the bill when you have just ordered a coffee?
Bill splitting is a new trend, and people are striving for this kind of financing technology. Australia is one of the first countries to grant little start-up with significant funds for a new word in fintech.
Benefits of bill-splitting
We should say that planning an event with friends or family members is always problematic when it comes to finances. In a typical scenario, people may feel awkward when they have to think about splitting. Just like we mentioned in the example above, it may be inconvenient to pay for something that you’ve not ordered.
Bill-splitting is a new word in technology. The financing world was waiting for apps like that. The Australian government will give enough funds to start-ups to come up with this kind of app. From now on, Aussies will have a perfect gadget to help them in bill-splitting. The government is a much-needed middle-man in this kind of tech-finance trend. Every local brand in the country should follow this contemporary technological approach, and country authorities may help it.
First start-up for Australia for bill-splitting
Groupee was the first start-up to raise millions of dollars from the private and public sectors. The CEO of the company says that people love sharing experiences. Paying for something that you’ve not ordered is not a pleasant experience. That’s why bill-splitting is an essential factor when it comes to an enjoyable experience with a group of friends.
Jarred Baker, CEO of “Groupee,” noted that the start-up was founded back in 2016. With a specific profile, the company was focusing only on the restaurant industry. Soon, they found that people need bill-splitting in every area of life, and the company decided to expand. Jarred is thankful to the private business sector of Australia that helped the company to raise millions of dollars in 2019. At the same time, Baker said that the Australian government helped them a lot to connect with all industry companies.
The company decided to grow overseas from 2020. It will be impactful as the Australian government is right by the company’s side. CEO of the company said that they want to expand not only in country-wise but also in different industries.
Start-up will touch every industry in Australia
The IGaming industry is growing in Australia. The country gave the green light to many operators and has been friendly since passing the bill about online gaming space. Groupee representatives believe that the company can operate not only on the food industry but also on the gaming space. Friends could be interested in playing together and set up a challenge. In most cases, online betting or casino games could be motivated by the challenge to a friend or family member.
Start-up representatives want to expand their interest in online gaming space from 2020. Australian online casino will have new features from 2020, where people will be able to challenge their lucky and split the bet. It will be a new word in the gaming industry, and country officials are ready for it.
Future of bill-splitting in next decade
As we have mentioned above, the company was founded back in 2016. Since then, a few years have passed, and the company has finally come to an interesting point of development. CEO of start-up believes that the next decade will be something that people are not waiting for. Jarred noted that the company has innovative ideas to change almost every industry in Australia.
As of now, start-up idea about bill-splitting is accessible in every phone or bank of Australia. The application has some exciting features to use cards of friends (Visa and MasterCard). It’s attainable to Aussies, but soon it may be tested around the world.