Airbnb is nearing a deal to buy Venmo-competitor Tilt, said two people briefed on the discussion, for a price said to be between $10 million and $20 million. The deal would be a stunning comedown for a company that has raised a total of $62 million in equity, at a reported valuation most recently of $400 million.
But Airbnb is buying Tilt for its expertise in payments rather than its ongoing business. Tilt created an app which lets groups of friends split the cost of trips or crowdfund a large purchase. While the app likely will be folded, the technology behind it appears to be what interested Airbnb.