Smoov

Setting the Scene

Whether it has been with a significant other, roommate, or friend, chances are you’ve been subject to the chaos of splitting expenses.
This usually unfolds in several disorganized ways:
- Awkward Venmo requests: These often lead to disputes and uncomfortable conversations.
- The notes app: That ever-growing laundry list of who paid for groceries tends to be a disaster and often inaccurate.
- An excel sheet: There’s nothing more romantic than a shared Google Sheet and crunching numbers on date night.
This week’s company provides a platform that allows couples to automatically split and manage expenses.

Smoov is an app for couples to split and manage expenses.

Couples: Smoov primarily targets couples but the technology is applicable to roommates, friends, families, and more.
Split: The app integrates with credit cards and bank accounts, automates calculations based on the selected split percentage, and enables one-tap splitting and money transfers.

Think of Smoov as a combination of Venmo’s transaction capabilities with Mint’s all-in-one budget tracker, built for couples to automate the splitting of dinner bills to utility costs.

Headquarters: Los Angeles, CA
Employee Count: 3 FTE’s & 4 part time
Investors:

Spark Capital
Business model: Monthly subscription ($14 per couple) and eventually the opportunity to implement a transaction fee and monetize data
Early traction: Just finished beta with 150 couples who split over $200k, 1000+ waitlist with no marketing spend.

🎯 Target market: The global payment management market is expected to continue growing at a strong rate, plus half of married millennial couples (14M) don’t have any shared bank accounts.
- To reach $10M in ARR with only subscription revenue, Smoov needs less than 1% of the married millennial market— which doesn’t factor in Gen Z, unmarried couples, or friends.
👩‍💻 Couples need a solution: 42% of couples in the US report having financial disagreements with their partner, and couples report that the majority of their Venmo transactions are with their partners.
- Smoov’s positioning to address couples and their finances is a huge opportunity reinforced by an early bet by top-tier firm, Spark Capital.
📊 Future revenue streams: Beyond subscriptions, Smoov has an opportunity to charge transaction fees, sell data, and form synergistic partnerships with dating apps.

💰 Fundraising: Smoov's limited traction post-beta may spark investor caution, even though these funds are critical for scaling their distribution and product development efforts.
🤔 Adoption Resistance: In a market filled with generic finance tracking apps, Smoov may struggle to convince users that a specialized app for couples is a necessity rather than a luxury.
👣 The giants: Financial behemoths like Venmo and Cash App could potentially break into the couples' market by rolling out new features.
- Smoov needs to innovate swiftly to become an acquisition target, rather than a feature they could replicate.

Tucker Cohen, CEO: A decade of experience building process and leading software sales teams at multiple high-growth unicorn startups including Seismic and Drift

Ivella: Backed by Y Combinator, Restive, Soma Capital, and others.
Splitwise: Backed by Insight Partners, Walnut Ventures, Andrew Chen, and others
Zeta: Backed by Goodwater, FinRise, Deciens Capital, Precursor Ventures, and others.

By providing a seamless solution for splitting bills, tailored to how modern-day couples spend together, this company is flirting with a huge opportunity.