Payment start-up, Hands In, has completed a $550,000 funding round to accelerate the commercialisation of its group payment services. The funding round has attracted investment from former and current executives in a number of key payment firms. These include GoCardless, Elavon, FIS, Pay.com, PayU, Curve and Free Trade
Hands In says it will revolutionise the way groups pay together online. Specifically, it will provide the ability for customers to split the cost of the basket at checkout.
The payments start-up highlights a recognised need in the tourism sector. 59% of purchases by Gen Z and Millennial travellers are in groups of at least three or more. But group travellers are often frustrated by the fact that they are forced to upfront the entire cost at checkout on just one card, resulting in failed transactions.
Hands In: driving incremental sales, reducing e-commerce friction
Hands In 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. No money is taken from anyone in the group until everyone has opted in and confirmed their participation. This innovative approach not only drives incremental sales for the retailer but also reduces e-commerce friction for groups paying online.
Global online travel agencies and airlines have already demonstrated their commitment to Hands In. The firm says that several agreements in place, including one with the 4th largest airline in Spain.
Likewise, major players in the payments industry have signed commercial contracts with Hands In to integrate Hands In group payment services into their platforms.
Founder and CEO of Hands In, Samuel Flynn, said: “The concept of not being able to split payments at the checkout came out of a real-life experience I had when I was at university.
Up to 20% of travel bookings fail at checkout
“A group of us wanted to make a large ticket purchase with the cost shared between us. But the payment method at the time restricted one of us to upfront the bill and be left out of pocket. This made it a nightmare to complete the bookings.
Research confirmed that the issue faced was universal. Up to 20% of travel bookings failing 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. Large players are looking for a solution that sits across their existing payment infrastructure. 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.”
The Hands-In platform offers a simple plug-and-play solution to a range of industries that struggle to deal with group purchases. It fits particularly well with travel. But is equally relevant for ticketing, hospitality, and other sectors where group purchases are commonplace.
Hands In: backers include Gurinder Sumra and Dave Birch
“Former CFO of Elavon Europe and FIS EMEA, Gurinder Sumra, who is also an investor in Hands, added: “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.”
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.”