BankEuropean challenger bank based in Amsterdam announced that it plans to acquire three bills, a popular mobile app for managing group expenses. Bunq did not disclose the terms of the deal, and the acquisition is pending regulatory approval.
Tricount is a simple yet effective way to track group expenses. For example, if you’re traveling with friends or living with roommates, a Belgian startup allows everyone to add expenses, which can be useful when different people buy things for a group.
At any time, group members can check who owes what in order to pay off. Tricount offers additional options. For example, you can add expenses in multiple currencies, or split expenses unevenly.
Tricount has amassed a fairly large user base with 5.4 million users. The app is free with ads. There is also an optional subscription that unlocks professional features such as CSV export and statistics. It competes with other mobile applications such as Apart.
“Tricount’s commitment to simplicity, transparency and community aligns perfectly with our own values. I am thrilled that we can offer Tricount users many new ways to make life easier,” said Ali Niknam, founder and CEO of Bunq.
While Bunq allows you to split a payment with friends, this feature is intended for a group of people who all use bunk. Tricount is a bank independent solution.
This is an interesting move as these startups offer very different things. Bunq is a challenger bank with account numbers, debit cards and, yes, subscription fees. On the other hand, Tricount is a lightweight, mostly free utility app with some virality factor as it only works with groups.
Tricount has a large audience but does not generate as much revenue per user as Bunq. It can act as the top of the funnel for Bunq products and services.
While the Tricount app is available worldwide, the company is focusing on users based in France, Spain, Germany, Belgium and Italy. Bunq also operates in these markets.
“We fully support the Bunq mission and are very proud to be a part of it. I am thrilled with the many opportunities this brings to our users,” said Tricount co-founder and CEO Jonathan Fallon.
In other news, Bunq is announcing several new features today. With the jackpot, users can participate in the lottery by paying with a Bunq card, adding money to their account, and inviting friends.
The application has been slightly redesigned. Now users can customize the home tab with accounts, cards, and other features. In the community tab, users can now reply to messages from within the app.
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