Tired of chasing up lost cash? Here’s the new social finance app made to solve the chaos of group payments.

We’ve all been there before. You’re out at a big group dinner and the good vibes (and drinks) are flowing. Countless rounds of food have come and gone and no one can remember who ordered what from the menu. And when the evening comes to its inevitable conclusion, everyone sheepishly looks at how much damage has been done on the bill. Sound familiar?

Let’s face it, we’ve all got a lot on our plate. And sometimes remembering to pay our mate back for beers on the weekend falls off our radar. In fact, a recent survey of Aussie adults revealed nearly two-thirds of us struggle to get our moolah back from friends, family, and colleagues. And it all adds up, with Aussies owed an average of $147 each from lost IOUs, amounting to a staggering collective debt of more than a billion dollars.

But, that’s all set to change thanks to this new handy app. Meet PayK, the free app made to help you recoup lost IOUs. So, how does it work? Using simple in-app money transfers, PayK lets you create groups and split bills instantly. In real-time, group members are prompted to pay their share. The best bit? The app does all the math for you to figure out how much each person owes and will even play the role of badger to chase up unpaid IOUs with handy reminder notifications. Say goodbye to awkward conversations with these oh-so-helpful text notifications prompting your pals to chip in. Genius.

PayK has just launched in Oz following the success of the platform overseas. After first being trialed in Israel, PayK now boasts 1 million active users in the country along (making up 20% of the banked population). The app is 100% free and made to chase up everything from restaurant bills to share house rent and even group gifts.

PayK is available now for download on iOS and Android. To find out more and start chasing up your lost cash, click here.