Going out for a group dinner, splitting rent payments, hiring a car or holidaying with mates - it can be a pain for everyone to remember to pay back their share. That's why we've backed Groupee, the world's first instant pay sharing platform.Groupee is the best way to share the cost of any purchase with multiple people, in real-time. In fact, the startup has developed a brand new category in the payments space.We sat down with Groupee founder Jarred Baker to learn more.
Jarred Baker, founder of Groupee[/caption]
You initially launched as a restaurant bill-splitting app, but now, Groupee's capabilities extend far beyond cafes and restaurants. How did you get to that point and what makes Groupee so unique?
"Yes, the new platform is a completely fresh iteration. Previously, the biggest challenge for our business was the B2B side of the model. Signing up restaurants was a laborious process, so we completely reimagined the business and removed the need to onboard merchants.
We have developed a brand-new category in the payments space, issuing reloadable prepaid Visa Debit cards to users as the principal tool to make group purchases possible and uncomplicated, rather than the traditional peer-to-peer (P2P) products where money is transferred between parties either before or after the main transaction occurs."
Sounds pretty exciting! What do you enjoy most about what you do?
"I love that we are creating something new that can touch basically everyone. Sharing payments is a fact of life in 2020 and we havecustomers telling us daily that they can't believe that something like this didn't exist sooner. We're solving a problem that is genuinely universal in a completely new way, is really exciting."
What are some of the biggest challenges you face as the founder of a growing business?
"The biggest challenge is working with large organisations as partners and expecting that they will be as agile as an emerging business. It's important to have realistic expectations around how quickly you can turn things, but at the same time, making sure we keep the pressure on partners to deliver is another key skill of an effective team."
Is there anything that people might be surprised to learn about the payments space?
"The space is ultra focused on innovation, however, the reality of the space is that it's also built on foundations which are resistant to being challenged and changed. It's an exciting thing though, when you get a win and you do something completely new, because you know how hard it is to actually deliver on your vision."
Groupee is now available on iOS.
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