Step 1 -An Introduction:

What is Splitwise?

In a nutshell, Splitwise is an digital IOU app that makes it easier for users to add, maintain, track and split shared expenses with an individual or with a larger group. It works in real time and all the data entered is stored and available to access from anywhere.

It is available as a mobile app & website platform.

A Background on Splitwise:

Founded in 2011 by Marshall Weir, Ryan Laughlin, Jonathan Bittner and based in Providence, Rhode Island. While the legal entity of the brand is Splitwise, it is also known as SplitTheRent.

What does it SOLVE for?

• Systematic & Effortless Mapping Of Financial Expenditure
• Transparency Of Debt (or) Expenses Owed From (or) To

What is the CORE VALUE PROPOSITION?

Step 2 - Product Insights:

I. Business Model

Introducing Splitwise PRO!

How Does Splitwise Make Money?

• Occasional Advertising Spots
• Subscription to PRO

Additional Features of PRO:

Unlimited expenses or transacations (Current limit of 4 transactions/day)

Currency conversion

Charts and graphs

Receipt scanning (Scan the bill and automatically categorise)

Itemization

Expense search

Default split settings

Note - Low data available on the adoption of the paid subscription

II. Key Observations:

Revenue Goals Vs Core Value Proposition

1. Owing to the new subscription models that was implemented, users have chosen to uninstall/search for alternatives and are unhappy with the restrictions on the free version that was available before such as:

• Transactions Limit of 3-4/Day
• A mandatory 10 Sec Ad to opt for PRO

Source: Online Reviews

1. The paid features are unclear and not enticing for users to pay for it. The brand has failed to craft their marketing pitch to make the deal too good to miss out on.
2. As there was a change in the CVP (Seamless tracking of group expenses) this has led to a mistrust or aversion from utilising the app.

Features Vs Market Needs

1. While the app solves for the core user need, it fails to adapt to the current market needs i.e integrating with UPI transactions, Banks & other financial mediums. Apps like Google Pay etc, have introduced the feature of group split expenses, which has been proven effective from a use case POV.

Low Product Adaptability

While the CVP is to maintain and track shared expenses (Food, Groceries), the brand might want to also consider venturing into newer methods & different forms of financial tracking some of which could be Passion Funds, Travel Funds, daily or monthly expenses, Monthly Subscriptions (OTT, Music Streaming, DTH), Monthly Allowance Tracking Systems.

Step 3 -Product Flow & Analysis Is Here

Step 4 - Reviews

Apple Store Reviews

5.3K Ratings | No. 28 in Finance | 4.4 Out of 5

Android Reviews

1L Reviews | No. 3 in Finance | 3.6 Out of 5 | 1 Crore Downloads

Reddit & Quora Reviews

Reddit Reviews:

• Every 2nd review about Splitwise is negative owing to their monetisation strategy.

Quora Reviews:

• Very low traction on the website, the last noted remark was 2 years ago.

Step 5 -ICP framework

ICP Prioritisation framework

Prioritisation Reasoning:

• Based on above framework prioritising considering high value, low CAC and high ease of adoption;
• ICP-1: Working Professionals

Assumption: Since this is an acquisition project, value to the user in accordance to their appetite to pay is crucial in order to devise a strong monetisation strategy which will lead to retention.

• ICP - 2: Millennials Who Live Far Away From Home:

Assumption: The frequency of the app is high amongst all other ICPs although the appetite to Pay might be low from use case to use case.

How can Splitiwise solve for ICP-2 and ICP-3

• Making the apartment expense tool on Splitwise more efficient with integrations with grocery apps, as every 2nd couple or flatmates track their daily expenses to ensure that the financial burden is split or monitored.
• Provide extended free trials in order to let users experience the product and its features.

Addressable TAM -

According to a 2021 survey,

52% of India's population is made up of Millennials and Gen Z, which is higher than the global average of 47%. Millennials, also known as Generation Y, are the demographic cohort that comes after Generation X and before Generation Z. Researchers and the popular media typically define Millennials as people born between 1981 and 1996.

In India, Millennials are 34% of the population, or about 440 million people. Some say that Millennials are the primary breadwinners for their families and contribute significantly to the country's economy.

By 2030, it's estimated that Millennials and Gen Z will make up 50% of India's population.

Addressable TAM - 2.02 Crore had salaries between INR 2.5 Lakh and INR 10 Lakh, and the rest were below that.

50% of the 2.02 crore Indians will make up for the Addressable TAM for Splitwise.

Step 7 - Funding Sources & Current Growth

6 Rounds of Funding | Series A Seed | $20 Million Dollars Raised in 2021 | 13+ Investors | Total funding of $30.2M

Source: Crunchbase

Downloads In Last 30 Days (Source - Crunchbase)

📱 912,619

Monthly Download Growth Rate

📈 7%

Monthly Visits

💻 52,40,116

Monthly Revenue

🤑 $ 200,000

Website Traffic

Keyword Research By Intent:

• A decently built SEO strategy as the major way to access the website is via sitelinks.
• The DA and Backlinking efforts can be looked into to further strengthen their position
• There is no paid marketing efforts undertaken by the brand

Step 8 - Acquisition Channels

Channel 1 - Referral Design

Channel 2 - Content Loops

Channel 3 - Product Integrations