British online bank Monzo has launched a new feature called Monzo Split, designed to help users manage shared expenses with friends and family.
The feature allows customers to track, settle, and request payments for shared costs, aiming to eliminate the usual complexities of group spending.
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Monzo Split caters to both regular outgoings, like household bills, and one-off expenses, such as group travel.
The company’s new tool enables users to create expense splits, invite others to participate, and include costs from different accounts or cards.
It also allows users to send reminders to ensure that all participants keep up with their share of the costs.
For customers on a paid subscription, the platform offers option to link connected accounts directly, automating payments and simplifying the entire process.
Monzo chief product officer Andy Smart said: “We know that chasing your mates when they owe money can be awkward, but that shouldn’t mean that people miss out on getting paid back.
“We’ve all been there – trying to stay on top of costs on a group trip, managing ongoing household expenses or buying that round of drinks – and then awkwardly chasing people.
“Whether you’re a Monzo customer or not, we can take care of the tracking, the maths, and even the nudging, so you don’t have to.”
Last year, PayPal launched a similar money pooling feature, to simplify group expense management with friends and family.
