We sat down with the Splittable team to talk about their latest product, Splittable, which has aims to be the go-to “no-awkwardness, no-nonsense app for housesharers”.
Co-founders Nick Katz (NK) and Vasanth Subramanian (V) share their insights on the rental market, rifts with housemates, and what they hope to gain from the Pi Labs accelerator!
WHAT IS SPLITTABLE AND HOW DOES IT FUNCTION?
NK: Splittable is a budgeting platform which makes it simple to split bills and other expenses between housemates. It allows you to track one-off and recurring expenses.
V: There are two sides to the Splittable tool. An app, which makes it easy to track the expenses as they occur, and a web platform. On the web platform, users (members of the house) will see an “all-squared meter” which visualises who’s in credit or debt, as well as who has made the most recent payments on a timeline.
WHAT MADE YOU WANT TO CREATE SPLITTABLE?
NK: For me, it was personal. A few years ago, I shared a flat with my best friend, but things went downhill after I found out he was tracking expenses on a spreadsheet; unbeknownst to me, and I wasn’t. This made me want to create a transparent and centralised platform where housemates can be open about splitting expenses.
V: The subject of money with housemates can sometimes be the elephant in the room, but we wanted to reduce the pain points and make the process fun.
COULD YOU TELL US A LITTLE MORE ABOUT THE MARKET YOU ARE OPERATING IN?
NK: Sure. Home ownership decreases year by year, making renting and house-sharing a much more attractive option; economically speaking. This market is ever-growing, but the number of companies supporting them is decreasing. It seems that only when you start looking to buy, is there support and platforms making your life easier.
V: We don’t think this is fair for the majority of people who can’t afford to buy, and wanted to make sure they’re represented too.
HOW DID YOU GATHER INFORMATION IN THE RUN-UP TO CREATING SPLITTABLE?
NK: It started off by establishing a need; we conducted focus groups, sent out surveys and targeted university societies to find out their pain points. Across the board, we noticed the same pattern; from the age you start renting, up until you start looking to buy a place, there are few tools to help you in the house-sharing process.
V: As it gets more expensive to buy, there is an increasing number of people in this space – which will result in a greater need to talk about issues like this. The problem of rifts between housemates is completely solvable given technology, and people were pleased to hear it!
WHAT DO YOU HOPE TO GAIN FROM THE BEING INVOLVED WITH PI LABS?
V: We’re really excited to be joining forces with Pi Labs and are excited by the buzz they are creating in the industry! We hope to get the word out and get people as excited as we are about Splittable, and make use of the extensive Pi Labs mentor network. Our priority right now is growth and getting more traction.
NK: Pi Labs seems to be an emerging force to be reckoned with in Property Tech and we are happy to be a part of this burgeoning space!