PayByGroupreceivesUSD3.4millioninseedinvestment

Pay By Group strives to remove the friction consumers encounter when splitting payments with friends and family.

For instance, if no one in a group of travelers wants to put a USD 650 deposit toward the trip on their credit card and wait for others to pay them back, they can use Pay By Group instead.

Removing this barrier for parties of two or more yields 268.7% higher conversion rates on the 20% of online bookings that comprise this market segment, the startup says.

Today Pay By Group reveals that it has received a seed funding round of $3.4 million, led bySparkLabs Global Ventures.

Also participating in the round were venture firms Great Oaks Capital, 500 Startups, Payment Ventures, Amino Capital, and Kima Ventures.

The Silicon Valley startup was created five years ago by Camilo Acosta and Frank Langston, Princeton University roommates. It now has 20 full-time paid staff.