1. User Segmentation

User Segment Needs & Core Behaviors Problems Faced & How Splitwise Solves Them
Flatmates Want an app to track daily expenses like grocery and other monthly expenses like rent, utility bills, etc. > Difficult to have a track on paper or on mental space

Usually improper tracking leads to conflicts and wastes a lot of time > Splitwise solves it by proving a platform for tracking and splitting the expenses | | Friends | Want to track and split expenses like trips, dinner/lunch, parties, lending money. | > Often times friends forget to return money Difficult to calculate per person split while on trip or parties > Splitwise solves it by making different groups of choice like Bali Trip, Dinner, etc Splitwise also has a summary record for summarising total debts and lending | | Team mates | Want to track expenses like team outings, chai-sutta breaks, gifts contributions, forced parties etc. | > Minor expenses like Chai-sutta breaks makes a hole in pocket, if left unchecked and unequally distributed Major expenses like gift contributions, self-funded outings and parties are a breeding ground for free-loaders > Splitwise solves these problems by tracking each and every expense, making groups for different events, etc Splitwise also helps in exporting the expenses and sharing it in form of PDF/Spreadsheet |

2. Key Feature Breakdown

Feature The Problem it Solves Why it Works?
Expense Tracker > Many times we don’t have anything to note down the expense immediately and at the end of the day we forget the expenses > Easy to use interface with “+” button at the home page to add expense

You can select any group or individual to add along with the expense Removes the hassle of remembering mentally all the past expenses Keeps records for even years ago | | Groups | > As humans it is difficult for us to have different records for different groups like office colleagues, friends, flatmates | > It is a centralised system for tracking all the expenses of different groups e.g. Friends, Flatmates, School Friends, Vietnam Trip, Bachelors Party, etc | | Export | > Records on paper are difficult to share | > Splitwise Export feature helps you to export and share the expenses record in form of spreadsheet or PDF | | Activity | > It is difficult to track expenses, especially when you’re not the only one adding/deleting/modifying any record | > Activity page shows all the previous records with time and individual who modified/added/deleted the record making it easier to stay notified of any update | | Summary | > It is difficult to keep a summary of every individual debts and lending when their are multiple individuals, groups, events, etc | > Splitwise Summary shows a brief summary of every individual debts and lending |

3. Competitive Analysis

Platform Strengths Weaknesses
Venmo > Integrated with payments, allowing users to send/receive money directly.

Strong network effects due to social payments. Trusted brand with secure transactions. | > Limited support for tracking shared expenses over time. Lacks group expense management. Primarily focused on the U.S. market. | | Splittr | > Designed for group expenses, especially for travel. No sign-up required, allowing for quick usage. Works offline, which is useful for travellers. | > Limited user base compared to Splitwise. Lacks advanced features like settlement tracking. No ability to link payments directly. |

4. Opportunities & Suggested Improvements

User Pain Points Identified Suggested Improvements
> Users often struggle with settling debts, as they need to use external payment platforms like Google Pay or PayPal. Integrated Payment System: Allow users to settle debts directly within Splitwise by integrating with UPI, PayPal, or bank transfers.
> Some users find expense settlements complex, especially in large groups. Smart Settlement Suggestions: Use AI-based optimisation to suggest the minimum number of transactions required to settle debts within a group.
> UI can be overwhelming for first-time users with multiple features. Beginner-Friendly Onboarding: A simple tutorial to guide new users on how to add, split, and settle expenses.
> No recurring expense automation for monthly rent, bills, subscriptions, etc. Automated Recurring Payments: Enable users to set up recurring expenses for rent, utilities, or subscriptions.

5. Key Takeaways