Cino, a groundbreaking app founded by Elena Churilova and Lina Saleh in 2021, aims to revolutionize how people share expenses and split bills. By addressing the often awkward and cumbersome task of dividing costs, Cino brings transparency and fairness to financial interactions, whether it’s for dining out, traveling, or managing household expenses. The app seeks to eliminate the hassle of manual calculations and ensure equitable contributions.
Previous reports have highlighted the growing need for solutions in expense-sharing, with existing options often falling short by focusing mainly on tracking debts rather than streamlining payments. While other apps have attempted to address shared expenses, they typically require users to front the money and then track repayments. Unlike these options, Cino aims to simplify the process at the point of purchase, making it more efficient and less stressful. Earlier coverage emphasized the friction in financial interactions among friends and family, which Cino aims to resolve through its seamless payment system.
Inspiration Behind Cino
Elena Churilova and Lina Saleh founded Cino after identifying a gap in the market for a more intuitive expense-sharing solution. Elena’s frustrations with existing methods and Lina’s awareness of cultural taboos regarding money led them to develop an app that simplifies group payments. They spent nine months researching and interviewing university students to refine their concept, transforming a simple idea into a comprehensive solution for managing shared expenses.
Cino’s mission extends beyond convenience to break down taboos around money, especially for Gen Z. This generation prioritizes meaningful relationships and experiences over material possessions, influenced by economic and environmental uncertainties. Research revealed that financial issues are a significant cause of relationship breakups among Gen Z, highlighting the need for a stress-free expense-sharing app. Unlike older fintech solutions familiar to millennials, Gen Z often relied on manual methods, underscoring the demand for a digital tool like Cino.
Cino’s Mission and Vision
Elena describes Cino’s mission as making shared expenses as easy to manage as individual ones, removing the tension around financial interactions. The app targets Gen Z, empowering them to handle finances on their terms and reducing money-related anxiety. By offering a transparent and effortless solution, Cino aims to boost financial inclusion and foster trust among users.
Cino works by integrating with existing payment methods, allowing for instant bill sharing. When paying a dinner bill, for example, each person’s share is deducted from their bank accounts, eliminating the need for manual calculations and payment requests. This seamless process ensures fairness and reduces the need for financial discussions, making group experiences smoother and more enjoyable.
Focusing on Gen Z
Elena notes that Cino is designed with Gen Z in mind, a generation that frequently shares expenses. Financial issues are a major cause of relationship breakups for this group, who value relationships and experiences. Interviews revealed that Gen Z expected a solution like Cino, which addresses the lack of suitable digital tools for managing finances.
Security is a top priority for Cino, which complies with EU regulations and uses advanced encryption and tokenization to protect user data. As Cino continues to evolve, the company plans to introduce features like splitting rent and utilities and expanding its global reach. By 2028, Cino aims to have over 4 million users and handle $1B in monthly splits. The app aspires to become a ubiquitous part of Gen Z’s financial interactions, promoting fairness and financial inclusion across all types of relationships.
Cino is geared towards equipping Gen Z with the tools to handle shared expenses effortlessly. Upcoming features include solutions for splitting rent and utilities, as well as group payment options for businesses. The company aims to expand globally and reach millions of users, ensuring that phrases like “Let’s Cino this” become commonplace. By fostering financial inclusion and eliminating taboos, Cino is set to make a significant impact on how people manage their money.
