Monzo’s New ‘Split’ Tool Makes Sharing Expenses Easier

UK-based fintech player Monzo has unveiled Monzo Split, a new tool designed to make splitting expenses with friends and family easier and less awkward, reports PaySpace Magazine. According to the digital bank, many UK consumers lose money simply because they feel uncomfortable asking to be reimbursed for shared expenses. Monzo Split aims to solve this by providing an intuitive way to track, split, and request payments—all from a single platform.

Andy Smart, Monzo’s Chief Product Officer, explained that people often struggle to fairly divide costs for group trips, household bills, or even a round of drinks. He emphasized that splitting expenses shouldn’t come with added stress. Whether users bank with Monzo or not, the tool helps with calculations, reminders, and tracking, making financial interactions smoother and hassle-free.

A recent Monzo report revealed that over half of UK residents regularly cover costs for others, and more than a third have had conflicts with friends or family over repayments. Monzo Split is designed to prevent these situations by offering two flexible solutions:

• Running Split – for ongoing expenses like rent and utilities.

• Single Split – for one-time costs such as shared taxi fares or group dinners.

  
  

Monzo Split joins a growing list of fintech solutions aimed at simplifying shared expenses. PayPal’s Pool Money allows users to collect funds for group payments, while Tribe Money Pools enables teams and social groups to manage shared costs efficiently. The rise of digital wallets has made bill-splitting a common practice, particularly among younger consumers. Industry research shows that 19% of Gen Z and 12.5% of millennials in the UK regularly use digital wallets for this purpose. With tools like Monzo Split, digital banking continues to evolve, making everyday financial interactions smoother and more convenient.