Split Pay is a fintech service that lets users divide a single large recurring expense, such as rent or a loan payment, into two smaller installments while ensuring the full amount is delivered to the payee on time. Customers link their bank accounts, set a payment schedule, and the platform handles the split and timing in the background, providing cash‑flow flexibility for freelancers, families, and new residents. Revenue is generated through transaction fees on each split payment.
Funding
Funding not disclosed
Founders
Product
Problem
Many households receive income on a staggered schedule while large recurring bills—rent, mortgage, auto loans—are due in a single lump sum, creating cash‑flow gaps, overdraft risk, and budgeting strain.
Solution
Split Pay provides a fintech layer that links a user’s bank accounts to a virtual payment account and automatically divides a selected recurring obligation into two timed installments. The first installment is charged on the bill’s official due date, and the second follows a preset interval (typically two weeks later), ensuring the payee receives the full amount on time. Eligibility is assessed in real time using cash‑flow analytics, and the split is processed in the background without requiring landlord or lender approval. The service integrates with any standard payment portal, delivering a seamless experience for both payers and payees. Users retain full visibility through dashboard notifications and can pause or adjust schedules via a secure web interface.
Target Audience
Primary users are renters, mortgage borrowers, and auto‑loan payers—particularly new residents, budget‑conscious families, and freelancers or entrepreneurs with irregular income streams—who need flexible cash‑flow management for large monthly obligations.
Features
- Secure bank‑account linking via OAuth with real‑time eligibility verification using cash‑flow modeling (Lens AI)
- Virtual payment account that aggregates split installments and issues a single on‑time payment to the biller
- Configurable split schedule (e.g., due‑date + 14‑day offset) with automatic retry and failure alerts
- Compatibility with all major payment gateways and bill‑pay portals through standard ACH/PCI‑compliant APIs
- Dashboard and email notifications for upcoming debits, successful splits, and exception handling
- SOC 2‑aligned data protection, end‑to‑end encryption, and role‑based access controls for user privacy