There are many occasions where groups of people need to share costs or save for a goal: flatmates, couples, sports teams, group holidaymakers, separated parents, boat syndicates, crowdfunders, restaurant guests… the list goes on.

But because we are all tied to individual bank accounts, it all gets a bit tricky.

The old joint bank account is cumbersome, hard to manage and no longer fit for purpose. Flatmates don’t want to all head down to the bank to create a flat account. Friends don’t want to have to open a new bank account to share holiday expenses. Joint accounts aren’t working for couples either: in Australia, 40% of married couples have separate finances, avoiding a joint account altogether.

That’s where Pocketful comes in. With the Pocketful app, groups can easily create a secure, shared account called a Pocket, where bills can be split between the group and everyone stays on the same page. It’s the natural evolution of the digital wallet: a shared, social account that’s as easy to use as a group chat.

An early production model of Pocketful, discontinued after we ran out of whiteboards.

We’re launching Pocketful out of the Centrality Lightning Lab accelerator programme in Auckland, New Zealand. In the next couple of months we’ll be launching our prototype, which we’re building for flatmates.

Many flats are in world of pain when it comes to sharing bills: the flat billpayer has to chase payments, leave messages, have lots of awkward conversations… and are often left out of pocket. Pocketful’s first job is to fix that problem.

So that’s us! We’ll keep you posted on developments, but if you want to know more or get involved, feel free to drop us a line anytime: [email protected]