Project by:

Matthew Bernstein; Majd Shammout

High Concept Statement: 

Bump for splitting the tab

Platform:

iPhone

Category:

Finance

Need or Demand:

People have a need for splitting the tab at restaurants, concerts, movies, etc… We don’t want the hassle of dealing with splitting cash and Venmoing individual people around the table.

Product / Service / Solution:

We are certain the needs can be fulfilled by an app that synchronizes bank accounts together to pull the amount decided upon by each user. Then, using Apple Pay technology—collectively pays the restaurant/host with no hassle.

Value Proposition:

1. Convenience without handling cash, individual debts at the table.
2. Social screen that shows who users are with and where users are (e.x. Jack, Jill, and Josh went to Buttercup Bakery!).
3. Transparency, in an age where youth do not like carrying credit cards, we are able to see and present the exact transaction.

Competition:

Competitor: Venmo
There is no collective option on Venmo. A user must individually pay other users depending on debts—difficult to work out with each other.

Revenue Model:

1. Merchant fee from the business:
Splend will take a small portion of the sales, cutting into the credit markets.
2. Transaction Fee:
Transferring money from a credit card to another’s bank account will result in a fee.