Pay By Group, a San Francisco and Guadalajara, Mexico-based provider of a tool that allows friends or family to collaborate and split the cost of any purchase, raised $3.4m in seed funding.
The round was led by SparkLabs Global Ventures with participation from Great Oaks Capital, 500 Startups, Payment Ventures, Amino Capital, and Kima Ventures, Facebook VP of Platform & Marketplace Deb Lui, serial entrepreneur Karl Jacob, Thomas Lehrman of the Gerson Lehrman Group, early Twitter and Square investor Greg Kidd, Dynamic Signal CEO Russ Fradin, and Bryan Bradford.
The company, which has been incubated at 500 Startups and CommerceInnovated, the accelerator run by MasterCard and Silicon Valley Bank, intends to use the funds to expand operations.
Led by CEO Camilo Acosta and CRO Frank Langston, Pay By Group provides a white-label e-commerce conversion tool that allows friends or family to collaborate and split the cost of any purchase. Started in the vacation rental industry by integrating with regional property management sites as an option for small groups to organize and split the cost of a beach or ski rental, the company has now grown to work with enterprise clients in the vacation rental vertical and beyond.
The solution can handle payments in over 70 countries worldwide.