New Kid on the Block: Here’s how Cino plans to replace Splitwise, Paypal, TIKKIE, and spreadsheets

The ever-evolving digital age has brought numerous conveniences into our lives, and managing finances is no exception. Gone are the days of awkward conversations about who owes what and how much!

Meet Cino an app that addresses a common yet cumbersome task—splitting bills and sharing expenses. Founded in 2021 by Elena Churilova, and Lina Saleh, Cino aims to eliminate the challenge of manual calculations and ensure everyone pays their shares without a touch of awkwardness. 

Beyond automation and convenience, Cino is on a mission to bring a sense of fairness and transparency to financial interactions — whether it’s for dining out, travelling, or sharing household expenses.

As a part of our New Kid on the Block series, Silicon Canals recently had the opportunity to interview Elena Churilova, who serves as the CEO and Co-Founder of Cino.

During the interview, Elena provided us with valuable insights into the company’s vision, mission, roadmap, and much more.

Do give it a read!

Inspiration behind Cino

Talking about the inspiration behind founding Cino to Silicon Canals, Elena says, “Lina and I crossed paths in October 2021, and we instantly clicked over a shared goal — making group payments more equitable. I had just started dating my current partner and was frustrated with how outdated and clunky the existing expense-sharing options were. As a product manager, I couldn’t help but think there had to be a better way to share budgets than using IOU apps and joint bank accounts.”

As a result, Lina approached the problem from a different perspective. She recognised that money is often a taboo topic in many cultures and was particularly aware of the gender gap in financial matters.

Women frequently earn less than their partners, leading them to contribute through smaller, regular purchases like groceries instead of big-ticket items like mortgages.

“With these motivations in mind, Lina and I jumped into a nine-month journey of discovery. We talked to university students to get a real sense of what people needed and reached out to every payment provider we could find to explore possibilities. What began as a simple idea quickly evolved into something far more impactful. Our goal was to make a real difference in how people manage money with their partners, friends, and families,” she explains.

Cino’s mission and vision

“Cino exists to make managing shared expenses as easy as paying individually,” explains Elena.

Cino’s mission is to remove the taboos and tension around money by offering a transparent and effortless solution.

“With a focus on Gen Z – who are rewriting the rules of money management – we are empowering this digital-first generation to manage finances on their terms, reducing money anxiety and boosting financial inclusion,” adds Elena.

How does Cino work?

Cino is a group payment app that simplifies splitting bills and sharing expenses among friends, colleagues, and family.

With its instant bill-sharing feature and integration with existing payment methods, Cino aims to make group payments effortless and efficient.

“Imagine tapping your phone to pay a dinner bill, and instead of one person fronting the cost, you’ve instantly paid as a group. Each person’s share is directly deducted from their bank accounts, eliminating the need for shared wallets, payment requests, and expense tracking,” she explains.

Cino removes the constant need to discuss money, calculate bills, and chase people for cash, making group experiences seamless, fair, and stress-free.

Overcoming Unique Challenges

While the concept of simplifying group payments is not entirely new, managing shared payments after the purchase remains a challenge.

According to Elena, existing solutions focused on tracking who owes what but failed to streamline group payments at the moment of purchase. The shift to contactless payments during COVID-19 highlighted this gap.

“Cino addresses this gap with a simple yet innovative approach, entirely flipping the narrative of what shared expenses should look like. Unlike the cumbersome process of fronting money, calculating, and chasing payments, Cino enables seamless group payments at the point of purchase. However, communicating this entirely new experience has posed a challenge—we’re not just another joint account or IOU app; we’re offering something truly unprecedented,” she remarks.

Focusing on Gen Z

Cino app is specifically designed for Gen Z, who frequently share expenses, claims Elena.

Explaining about it, Elena responds, “During my time at Bumble, I delved deep into data on Gen Z and found that financial issues were a major cause of relationship breakups. This generation, shaped by the 2008 financial crisis, COVID-19, inflation, and other global challenges, is highly concerned about its future. They prioritise relationships and memorable experiences over material possessions, likely due to their heightened awareness of climate issues and the uncertain future.”

Consequently, the founding duo conducted extensive interviews with both Gen Z and millennials and found out that Gen Z expected a solution like Cino.

Unlike millennials familiar with older fintech apps, Gen Z often resorted to pen and paper or Excel for managing finances, frustrated by the lack of digital tools tailored to them, claims Elena.

“What unites both Gen Z and millennials is their discomfort with discussing money, often tied to self-worth and societal expectations. Cino alleviates this and ensures fairness, fostering trust and improving financial inclusion,” adds Elena.

In terms of security, Cino complies with EU industry regulations, using advanced encryption and tokenisation to ensure secure user data.

Moving forward!

Cino is currently working on bringing some features, including the ability to split rent and utilities, a simple method for group payments without requiring every participant to have the Cino app and a group payment solution for businesses.

“We have so many upcoming feature requests that it’s hard to pick only a few. Many use cases require us to build new products to tackle the world of group payments, and we are only just getting started,” she adds.

The company is planning to reach over 4 million users, handling $1B in monthly splits by 2028, and to expand its services globally to cater to users in every country.

“We look forward to hearing the phrase “Let’s Cino this” in the lexicon of Gen Zers globally. At the end of the day, money isn’t just about transactions—with Cino, we plan to eliminate taboos, empower individuals, and foster financial inclusion across genders and all types of relationships,” she concludes.