Tallinn-based fintech startup Cino has secured €3.5 million in a seed funding round led by London-based venture capital firm Balderton Capital.

The funding will be used to support the company’s expansion into the United Kingdom and further develop its product.

Founded in 2023 by Elena Churilova and Lina Saleh, Cino provides a shared payment solution through a virtual card that splits costs at the point of purchase.

The platform allows multiple users to contribute their share of a payment directly from their bank accounts or digital wallets, removing the need for one individual to cover the cost upfront and seek reimbursement.

Users can link their bank accounts or debit cards, create payment groups with customised split ratios, and add the shared virtual card to Apple Pay or Google Pay.

Any group member can then use the card for transactions, with the app automatically deducting each participant’s share at checkout.

The investment round was led by Balderton Capital, a London-based venture capital firm that has raised two major funds: a US$ 615 million Early Stage Fund IX and a US$ 685 million Growth Fund II, collectively totalling $1.3 billion for European tech startups from early-stage investment through to IPO.

“I can totally see why so many “Gen-Zennials” have gone mad for this product, and am personally counting down the days until the UK launch so I can start using it in my day to day,”

said India Phillips from Balderton Capital.

Other investors in the round included London-based venture capital firm Connect Ventures, which focuses on B2B, SaaS, fintech, consumer software, and digital health startups, as well as Tera Ventures, a global investment firm headquartered in Estonia.

Angel investors such as Barney Hussey-Yeo, founder of Cleo, also participated in the funding.

Cino intends to use the newly secured investment to enter the UK market, introduce new features enabling non-users to join payments via Apple Pay or Google Pay, and expand its operations across Europe to meet increasing demand.

Featured image credit: edited from freepik