Knit is a bill-splitting platform that automates the payment of shared utility bills among housemates, allowing each person to pay only their share upfront without the hassle of IOUs. By linking bills directly to the app, Knit eliminates the need for manual tracking and collection, streamlining the process of managing shared expenses.
Funding
$9M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
RSFounders
Product
Problem
Managing shared utility bills among housemates often involves manual calculations, IOUs, and the awkwardness of chasing after late payments. Existing bill-splitting methods can be time-consuming and create friction within shared living arrangements.
Solution
Knit is a platform designed to automate the splitting and payment of shared utility bills among housemates. By connecting directly to utility providers, Knit retrieves bill information and automatically calculates each housemate's share. Each person pays their portion upfront through the app, and Knit handles the full bill payment to the utility company, eliminating IOUs and simplifying the bill management process. The platform aims to reduce the stress and time associated with shared expenses, allowing housemates to focus on other aspects of their living situation.
Target Audience
Knit primarily targets individuals living in shared housing arrangements, such as housemates, roommates, and co-living residents, who seek a streamlined solution for managing and paying shared utility bills.
Features
- Automatic bill splitting for utilities like internet, gas, water, and electricity
- Direct connection to utility providers for automated bill retrieval
- Upfront payment collection from each housemate, eliminating IOUs
- Secure payment processing with bank-level security and PCI DSS compliance
- Real-time notifications and reminders for upcoming bill payments
- Shared bill history and payment tracking for transparency
- Mobile apps for both iOS and Android platforms