Investing
TABBit secures £320,000 investment to help friends manage their shared expenses
Global Banking & Finance Review®
Company
London, United Kingdom – 29 February, 2024, 12:00PM GMT
London, United Kingdom – 29 February, 2024, 12:00PM GMT – TABBit, a London based fintech startup, making it possible for friends to manage shared expenses via their existing banking apps, has successfully raised £320k to focus on growth and further product development. The investment has been led by the European super-angel fund Angel Invest. Fintech industry veterans such as Dr Andrew Buckley (previously GM Prepaid Fintech at Mastercard) and James Sherwin-Smith (ex-GM, Real-Time Payments at Mastercard) have joined the round to equally support the early stage startup.
TABBit enables groups and individuals to manage expenses and request money back from their friends and family without needing to download a separate application. By integrating directly with UK banks, powered by secure Open Banking APIs, TABBit’s technology allows users to share requests and make payments via existing consumer banking apps.
Commenting on the company’s latest funding, Boy-Anthony Kuhne, CEO of TABBit said”During my tenure at Mastercard I experienced time and again the challenges presented by the fragmented banking landscape in the UK. When I discovered there was no easy solution available, I set out to create one myself, removing the challenges that UK consumers currently face when requesting payments from friends that bank with a different provider.” Boy-Anthony Kuhne continued.
On their investment in TABBit, Angel Invest commented: “We are always on the lookout for groundbreaking technologies that are disrupting traditional markets. TABBit’s innovative approach to simplifying financial transactions makes them a perfect addition to our portfolio. We are eager to support them in their journey to reshape the financial landscape.”
With this investment, TABBit plans to expand its capabilities and reach, further simplifying and enhancing the payment experience for customers across the UK and beyond. TABBit’s strategy is to unify the user experience and enable seamless interoperability between banks.
Focused initially on the users in the UK market, TABBit continues its mission to unify a fragmented banking sector and make financial interactions more inclusive and enjoyable for everyone.
TABBit’s catchphrase ‘Get Paid. Pay back. Share.’ indicates the commitment to creating a hassle-free and secure solution for shared expenses.
Fintech, or financial technology, refers to the integration of technology into offerings by financial services companies to improve their use of financial services.
Venture capital is a form of private equity financing that is provided by venture capital firms to startups and small businesses with perceived long-term growth potential.
Shared expenses are costs that are divided among individuals or groups, often used in contexts like shared living arrangements or group activities.
A banking app is a mobile application provided by banks that allows customers to perform financial transactions and manage their accounts from their smartphones.
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