The coffee for the best friend or dinner for friends – borrowing or lending money among friends is an everyday affair. However, smaller amount are bound to be easily forgotten. Still, added up, pennies are turning into important sums. This is where the business idea of Jan Michaelis and Lucas Romero, the founders of the Hamburg startups Tabbt, comes in handy. Once downloaded, friends can be mutually added by the app. Thus allowing to quickly counterbalance debts and credits, the frequency and often unnecessary exchange of money is reduced or even becoming obsolete
Michaelis and Romero, both engineers at the TUHH, foundedTabbt in 2014. Since early 2015, the app has been available in app stores. The two founders are full-time engaged in the development. By the end of 2014, founders were granted an EXIST funding by the Federal Ministry for Economic Affairs and Energy. “Right now, we are looking for investors in order to achieve our next goals”, said Michaelis.
According to Tabbt, the app has several thousand users, the largest share of them in Germany. With Tabbt now being available in both German and English, new markets are currently being conquered. “We are now seeing strong growth in India, even though we have not done any marketing there”, says Michaelis. For the further development of Tabbt, the two engineers have specific targets in mind: “As a next step, we plan to cooperate with a bank in order to integrate other financial services in Tabbt that require a banking license”.
This ne Is n Me
And why is Tabbt actually Tabbt? The name is an abbreviation of the English phrase “Put It On My Tab”, which means: “Whatever others drink or eat, write it on my bill.”
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