Whopaid.it is a website app that makes it easy to keep track of who paid what, who owes you what and ensures that everybody chips in with their fair share. Users can easily create a list for each social group and very easily add the friends that belong to this group as users. Whenever users make a group expense they simply enter who paid it, who participated and where it was bought. The app then automatically keeps a balance.
The app is currently available on the web and as an app for mobile browsers, which is optimized through HTML5.
The team currently consists of 9 people, 5 marketing interns and the founding team of Marek Zaluski & Olivier Melcher, Jiri Bindels and Quinn Roukema, the CEO. Marek Zaluski is the CTO and Olivier Melcher is the lead developer on the team.
Avery Abramovitch, co-Founder of Beyondtherack.com and former Director of davidstea.com, Robbert VD Griendt, managing director of Neotech Ventures and Accretion Capital Partners and and Benoit Julien, the founder of Netvention, are advising the team
Explaining the inspiration behind the app, CFO Jiri Bindels says, “social groups like colleagues, roommates and sports-teams share lots of expenses together and it always has been a big hassle to keep track of expense. Think of food deliveries, drinks at a bar, grocery expenses or road trips. We have stumbled upon a lot of student houses all around the world where students still write receipts on a piece of paper and calculate everything themselves. That is the main reason why we started this app.”
The app, which is currently still in beta, has already gained a lot of traction. The developers say that they have not have not publicized the app much since they wanted to test it with a small fraction of users. However, they say that there was a viral effect and they already have over 3,000 weekly active users.
The initial revenue of Whopaid.it will be based on a small transaction fee, which they will earn when users pay each other their debts, with payment integration and also by ad and brand partnerships.
In the future they plan to engineer a business dashboard where they will be able to connect brands with users. This will enable brands to connect to their, yet unknown, customers and convert them and their friends into loyal customers through special offers, rewards and targeted
Explaining what features we can expect in the future from Whopaid.it, Quinn Roukema, the CEO says the company plans to launch native iOS and Android apps by the end of March. There will soon be payment integration and a settle up feature to settle debts with one click. A Whopaid.it API for e-commerce and other sites to easily integrate into their check-out section is also in the works.
Whopaid.it also plans to reward big spenders (people who add more expenses to their accounts) and launch an extensive friend invite and reward platform where users can win relevant goodies for inviting a certain number of friends.
Using Whopaid.it is pretty simple. A user goes to the Whopaid.it website on the desktop or mobile, and is prompted to login using Facebook.
The first thing you will then have to do is set up groups like roommates, colleagues etc and add members for each group. A member can be added or removed later on also.
After a group is set up, one can easily add an expense and then select which members are to be included. The amount is then divided up automatically, but can be split unevenly in case someone share is greater or lesser. Other members in the group can be notified that they are included in a shared expense.
Once the expense is settled it can easily be removed. The app keeps track of multiple tabs and shows how much each person is owed or owes how much in a group.
The website also has added a feature where one can keep track of one-on-one expenses. Using this app on the mobile offers the same feature set and experience.
While the experience is pretty nice we personally prefer BillPin right now, which already has support for multiple platforms. But on hearing of the future features of Whopaid.it, like payment integration and the dashboard for brands to connect to customers, this is one service we will be keeping a track of.
Give Whopaid.it a try. Do let us know what you think.
Recommended Read: Top Apps to Keep Track on Your Expenses