London-based payments solution Hands In has completed a £440,000 funding round to accelerate the commercialisation of its group purchase platform.
Hands In enables customers to split shopping baskets between a group equally or by item, inviting all group members into the transaction. Each customer can pay into the group simultaneously, and no money is taken from anyone in the group until everyone has opted in.
The solution meets a recognised need in the tourism sector in particular. According to Hands In, 59% of purchases by Gen Z and millennial travellers are in groups of at least three or more, but paying the total sum of a holiday on one card isn’t always possible.
The fundraising round attracted leaders from payment corporations including GoCardless, Curve and Elavon.
Samuel Flynn, founder and CEO of Hands In, said: “The concept of not being able to split payments at the checkout came out of a real-life experience I had when I was at university. A group of us wanted to make a large ticket purchase with the cost shared between us, but the payment method at the time restricted one of us to upfront the bill and be left out of pocket.
“For many online travel agencies and airlines, building this solution on top of complex legacy infrastructure can be too expensive and time-consuming. Large players are looking for a solution that sits across their existing payment infrastructure, and that is exactly what Hands In provides.”
Global online travel agencies and airlines have already demonstrated their commitment to Hands In with several agreements in place, including one with the fourth largest airline in Spain.
Gurinder Sumra, former CFO of Elavon Europe and FIS EMEA and investor in Hands In, added: “There are few and far between solutions in the payments industry that address customer needs with simplicity and are easy for operators and merchants to integrate and offer. Hands In is one of the few companies that possesses this capability.”
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