Payments startup Hands In has completed a $550,000 funding round to accelerate the commercialisation of its group payment services.
Attracting investment from GoCardless, Thredd (formerly GPS), Elavon, FIS, Pay.com, PayU, Curve and Free Trade, Hands In wants to shakeup the way groups pay together online by providing the ability for customers to split the cost of the basket at checkout.
Fifty-nine per cent of purchases by Gen Z and Millennial travellers are in groups of at least three or more. Yet group travelers frequently encounter frustration as they are compelled to bear the entire cost upfront at checkout using a single card, leading to unsuccessful transactions.
According to research, 20 per cent of group travel bookings fail at checkout as a result. However, for many online travel agencies and airlines, building this solution on top of complex legacy infrastructure can be too expensive and time-consuming.
Solving the problem
The Hands In platform offers a simple plug-and-play solution to industries that struggle to deal with group purchases, such as travel, ticketing and hospitality.
It enables customers to split the basket between the group equally or by item, inviting all group members into the transaction. Each customer can pay into the group simultaneously with no money taken from anyone in the group until everyone has opted in and confirmed their participation.
Global online travel agencies and airlines have established agreements with Hands In, including the fourth largest airline in Spain. Additionally, prominent players in the payments industry have also signed commercial contracts with Hands In to integrate the company’s group payment services into their platforms.
Founder and CEO of Hands In, Samuel Flynn, said: “Large players are looking for a solution that sits across their existing payment infrastructure, and that is exactly what Hands In provides. We are a young team delivering a solution to a real-life problem we faced, and we are hugely grateful to our investors, all of whom see the potential for Hands In.”
“With this investment, we are looking to accelerate Hands In’s tremendous growth by supporting our global enterprise clients and payment partners. After that, we have plans to broaden the appeal into new use cases and develop new products and services.”
Gurinder Sumra, former CFO of Elavon Europe and FIS EMEA, is an investor in Hands. He said: “There are few and far between solutions in the payments industry that address customer needs with simplicity and are easy for operators and merchants to integrate and offer. Hands In is one of the few companies that possesses this capability.”
While David Birch, director of Consult Hyperion and an advisor and investor in Hands In, added: “It’s a simple idea, executed exceptionally well by a team with a proven track record. I was delighted to have the opportunity to invest in Sam and his team.”