The app is seeking its banking license in its bid to be the UK’s first social bank.
Payments app, B-Social, has raised £3.2m in a Seed funding round.
B-Social’s users can create groups within the app to manage everyday spending, track expenses and assist with splitting payments. The company targets social groups and housemates which require several people to cover the costs of meals, trips and bills. By sending requests and recording who’s paid, the app reduces the need to chase up friends for outstanding payments.
The raised capital will be used towards expanding B-Social’s product platform and mobile technology, developing the company’s vision of building a social bank. In its bid to acquire its UK banking license, the company will also be expanding the size of its team.
B-Social’s founder and CEO, Nazim Valimahomed, has increased his investment in the business among other investors including friends, family and high-net-worth individuals.
Valimahomed said in a statement: "This funding will enable B-Social to build a bank with a social ethos, whose purpose is to change the relationship people have with their money and those they engage with financially, for the better.”
The company also offers a prepaid debit Mastercard which is currently in its beta. B-Social says it has 500 customers currently using its app.