TABBit Secures £320k Funding to Streamline Shared Expenses

London-based fintech startup, TABBit, has successfully raised £320k in a funding round led by the European super-angel fund Angel Invest.

Aiding Shared Expenses Management

TABBit has designed a system that allows individuals and groups to manage shared expenses and request repayments from friends and family directly through their existing banking apps. By integrating with UK banks using secure Open Banking APIs, TABBit enables users to send requests and make payments without requiring an additional application.

Notable Investors Support TABBit

Prominent fintech industry figures, including Dr. Andrew Buckley, former GM Prepaid Fintech at Mastercard, and James Sherwin-Smith, ex-GM, Real-Time Payments at Mastercard, also participated in the funding round. Their involvement further reinforces TABBit’s potential in the early-stage startup arena.

Responding to a Fragmented Market

TABBit’s CEO, Boy-Anthony Kuhne, emphasized that his experience at Mastercard highlighted the challenges of the fragmented banking landscape in the UK. This led to his initiative to create an easy solution to overcome the difficulties faced by UK consumers when requesting payments from friends banking with different providers.

Angel Invest Sees Disruptive Potential

Angel Invest expressed its enthusiasm for investing in firms that introduce groundbreaking technologies disrupting traditional markets. The fund believes that TABBit’s innovative approach to simplifying financial transactions makes it an ideal addition to their portfolio.

Ambitions for Growth

With the new investment, TABBit aims to expand its reach and capabilities, aiming to enhance the payment experience for customers across the UK and potentially beyond. The startup’s strategy focuses on unifying the user experience and enabling seamless interoperability between banks.

Unifying a Fragmented Banking Sector

TABBit’s mission is to make financial interactions more inclusive and enjoyable for everyone by unifying a fragmented banking sector. Initially focusing on users in the UK market, TABBit aims to offer a hassle-free and secure solution for managing shared expenses, as encapsulated in their catchphrase, ‘Get Paid. Pay back. Share.’