WellPaid announces the launch of its automated subscription and bill manager for households. The service is the first to help the 85% of Americans living with other adults to identify and track recurring bills together. Users connect their cards and banks to monitor subscription payments then tag others to track or split these bills with them. Unlike services that support only one financial institution, such as joint accounts or Zelle, WellPaid organizes money across all accounts. Roommates, couples, and friends can now use their existing accounts to manage shared services or move money on routines.
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“Having a tool to connect bills in a household is at least 10 years overdue,” says Thomas Martchek, the co-Founder and CEO of WellPaid. “Joint accounts simply weren’t designed for roommates, unmarried couples, or adults with multiple cards. It seemed silly that households either need a spreadsheet with manual transfer requests each month or to fully combine assets in a joint account. We built WellPaid to simplify how groups organize their bills and easily move money where they need it, when they need it.”
WellPaid serves the 45% of adults that split at least one recurring bill or subscription without a joint account. The service addresses macro-economic trends such as the recent surge of subscriptions, quickening pace of adding or removing services, and rising number of Americans co-habitating. UBS expects that the market for subscriptions will more than double in the next three years. This growth is on top of the 437% growth over the last nine years, according to The Harris Poll.
The beta service at WellPaid is now available, and the company plans full rollout with a mobile app in several weeks with several partnerships in discussion. The platform already allows users to identify subscriptions, share tracking with others, and split bills automatically. The team plans to add renewal reminders, password sharing, and 1-click signup or removal of services in the next few months.
About WellPaid
WellPaid is an online subscription and bill manager for households. Founded by former leaders at PayPal and Albert, Tom Martchek and Ron Castillo, WellPaid simplifies household bills by identifying recurring charges and allowing users to share tracking or costs automatically