Hands In Raises £1M to Make Group Payments Simple and Instant
May 23, 2024
Hands In, a UK fintech company, has raised £1 million from Concryt and business angels to develop its group payment processing software. The company is building tools that make it simple and instant for groups of people to split payments, collect contributions, and settle shared expenses — removing the calculation overhead, awkward cash requests, and delayed bank transfers that currently make group financial transactions one of the more friction-filled aspects of everyday social and professional life.
Group payments are a ubiquitous but persistently under-served use case in consumer finance. Splitting a restaurant bill, collecting contributions for a group gift, managing a holiday house budget, splitting utility bills between flatmates, collecting sports team fees, organising a group subscription — all of these involve coordinating financial contributions between multiple people, and the existing tools for doing so range from adequate to genuinely tedious. Basic bank transfers require account details and rely on individual memory and follow-through. Cash is less commonly carried. Apps like Monzo's bill splitting require all participants to be on the same platform. And the social awkwardness of chasing people for money has its own well-documented cost in relationships and goodwill.
Hands In addresses this by providing a simple interface for creating group payment requests — defining who owes what, sending payment requests to all participants, and collecting the money in a single flow — that works regardless of which bank or payment app each participant uses. The platform handles the payment collection, provides real-time visibility into who has paid and who hasn't, and settles the collected funds to the organiser without requiring all participants to download the app or create an account. This frictionless, universal-access design is the key product insight: a group payment tool is only as useful as its weakest link, and requiring the full group to adopt a new app defeats the purpose.
Concryt's backing brings fintech infrastructure expertise to the raise. The funding will be used to develop the platform, obtain the necessary payment processing authorisations, and build the user base through consumer distribution channels.
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