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Provide financial assistance to friends and family affected by COVID through expense splitting

Fuzhn generates a virtual card that, when run, charges an agreed upon portion to each person's card, making sharing expenses and bills easy.

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Due to society-wide economic hardship, people are having to pool together funds like never before. This involves contributing to purchases and expenses with a level of uncertainty. Will the money be used for its specified purpose? Can I trust this person to pay their part? 

Similarly, we are seeing a rise in third-party purchases; that is, other people have become intermediaries for purchases. Those unable to leave their home, such as the disabled, at risk, or elderly, must trust others to do their shopping for them, and to spend their money in the way, and within the budget they intended. 

The challenge that Venmo, PayPal, and CashApp all have is that there is currently no way for one card to run through multiple accounts and charge different percentages or amounts for the bill. As of now, someone must still front the burden of the full cost and then be reimbursed before or after. 

Whenever money is exchanged, a level of security must always be required. Currently, with money exchanging platforms, there is a lack of verification regarding the usage of the money sent. 

With the scope of the economic struggles we have, it's never been more important to know whether the money you sent is being used for the expenses you intended. 

That is precisely what the "Fuzhn" app intends to solve. We are able to "fuse" together multiple accounts into one account.

Fuzhn generates a virtual card that when run, charges an agreed-upon portion to each person's card, making sharing expenses and bill payment easier.

For example, if siblings are joining together to pay Dad's electric bill, each sibling could approve a specific percentage or dollar amount they will contribute to the bill from the electric company. As a result, only one generated card number would have to be used to make the payment (see diagram below).

Fuzhn can also be beneficial for charges made with a single account. For example, a pregnant woman who is quarantined could approve a charge of $100.00 to be made at Walmart. If the person tries any higher amount, or at any other store, it would be denied. 

It's important that at this juncture, we look beyond the face masks and disinfectants and see the financial hardships people are suffering due to this virus. Fuzhn can make supporting each other financially easier and more secure.

What is the need are you focusing on?

We are all separated from each other, but that does not mean that the financial responsibilities for each other end. In fact, due to the economic hardships we are facing, many people are coming together to support each other financially.

However, there are frustrations arising and statements like "Well I'm taking care of electric, but it's more expensive than the water that she's paying" and "Who's going to put this on their card?" and "You said you were going to pay your portion of this, but you never sent me the money".

These hard conversations are taking place globally. Fuzhn can be the intermediary to assuage suffering and insecurity created by the COVID-19 pandemic.

Which type of submission are you sharing?

  • Identifying a gap that needs to be addressed

Describe the business pivot or adaptation in 3-4 sentences.

During COVID 19, this app will be crucial in splitting common living expenses for many out of work or separated from family. After COVID 19, this app can be used in multiple social situations. Most especially in eating out or traveling with friends. Splitting the bill is always such a burden at restaurants especially. But being able to run one card, and pay for the table, allows the restaurant owner to also pay one service fee, and the customer is saved from becoming an on the spot accountant.

Do you plan to implement this solution?

  • Yes

Describe the impact that this solution will create in the world.

This app will bring friends, family, and partnerships together and help them to financially lift each other up. There has never been a more global need to release a secure platform for expense splitting than now. My hope is that with this launch of Fuzhn, we can prevent foreclosures, utilities being shut down, businesses being closed, etc. It would have nothing to do with acquiring more loans, but the sharing of collective wealth.

What is the name of your business or organization?

Dasein Innovations

What does your business/company do? Whose needs does your business/company address? Who do you serve?

Dasein Innovations sees the needs of users, in whatever state the world is in, and we solve them with physical and digital solutions.

What is your profession?

User Experience Designer

Where are you located (country)?

Silver Spring, MD, United States

Where are you located (region)?

  • North America

What industry is your business/company in?

  • Business/Consulting
  • Customer Experience/Service
  • Designer(UX/CX/Design Research)

How many people does your business/company employ?

  • 0-10

How old is your business/company?

  • Less than 1 year old

Which classification describes your organization/business?

  • Concept/I have not yet formed an organization

What kind of stakeholders and partnerships are needed to pursue this solution?

  • Funding- Grants
  • Funding- Investment
  • Stakeholders/Partnerships- Private Sector

Do you need help building partnerships and finding partners?

  • Yes

If Yes to the above, please share 1-2 sentences describing the specific help you desire.

Right now we'd be open to a partnership with PayPal or Venmo, and/or other financial companies. We believe that by partnering with these companies, can utilize their API's and financial partnerships to create virtual cards for the app. We're open to mentorship, partnership, and assistance in developing Fuzhn.

What do you think are the main barriers to implementing this solution?

Making sure that the approval of transactions processed is 100% secure is the most important aspect of our app. We need to create the right partnerships and have the funding to ensure this security. We also need to make sure that the virtual cards we create are functional in all billing platforms.

Are you aware of any open source efforts, hackathons or other collaborative efforts related to your solution? Are you participating in these efforts?



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