Payment splitting app goDutch scores $1.7m in its seed round

India-based goDutch, a FinTech app helping to split payments, has scored $1.7m in its seed round.

The investment was led by venture capital firm Matrix India, with contributions also coming from Y Combinator, Global Founders Capital, Soma Capital and VentureSouq. A handful of angel investors also joined the round, including Tinder co-founder Justin Mateen and Twitch co-founder Kevin Lin.

goDutch is a mobile app which lets users to record, split and automatically settle group transactions, whether it is rent, travel, shopping, dinner, home delivery or anything else. The company has a debit card which is issued in partnership with CSB Bank and enables real-time splitting of group payments at online and offline merchants.

The company aims to reach more than 50 million consumers in India across tier one and two cities, which make up around $75bn of group transactions, it claims.

Rajat Agarwal, Director at Matrix India commented “While many existing apps allow recording of group transactions, none of those enable seamless peer-to-peer settlements or real-time splitting.

“It’s a real pain point for young adults and if solved well, the product has the potential to grow virally. We believe that group payments can also be an exciting entry point to ultimately target group commerce and bring it online.”

Since 2015, there has been a colossal $18.6bn invested into FinTech companies based in India, FinTech Global data shows. 

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