GroupFund - Pool Money, Split Expenses, Send Payment
Pool money, Split a shared expense, Send payment - all in one app!
Press Release - GroupFund - Pool Money, Split Expenses, Send Payment
Recently, we launched GroupFund iPhone app, which allows you to pool money for social events, split a shared expense with friends or just send a payment. All of this is done in the iPhone app with simple Web sharing URLs for the payment senders who may not have an iPhone.
Most of the current mobile payments products only support payment from a single payer to a single business or individual. We see a future in which a large portion of mobile payments will be in the form group payments for the social activities as well as large purchases. We have started with the GroupFund app to validate the product/market fit and only support personal group payments with a single payout at this time. We have used Balanced Payments as the payments processor in the backend.
In the first app version, to group funds, organizers must use the iPhone app. We also know that it is high friction to ask our friends to sign-up for YET another app or get an account somewhere. Therefore we don’t mandate the invited friends to download the app or create an account. They could just pay using a unique secure URL and it takes less than a minute can be on their smartphones (iPhone, Windows, Android etc) or on their desktops and use any modern HTML5 web browser. Of course, they can always download the app and have the benefit of storing payment information for future and be able to see all of the activity in one place.