Imagine never having to ask for separate checks at a restaurant, or splitting the bill, four ways, with credit.

An innovative pair thought of it first.

Iqram Magdon-Ismail and his partner, Andrew Kortina, found a way to quickly and easily transfer money, amongst friends, co-workers and whomever, without handling cash or IOU’s (I owe yous).

Venmo, (a combination of the words “vendor” and “mobile”) is a website dedicated to helping people transfer money in a method that is quick, easy and paperless.

“We built it because we had a problem,” said Ismail.

“We had no way of exchanging money with each other, except for cash and checks.”

The idea originated when Ismail left his wallet at home in Philadelphia during a weekend New York City visit. Kortina agreed to spot him for the entire trip.

With style, innovative ideas, and ready for change, Ismail and Kortina created a Web-based method to transferring and exchanging money, when necessary or convenient.

After the New York City debt was paid, Ismail and Kortina agreed on checks being time-consuming and dated, thus spurring Venmo.

“We all hate carrying checks – cashing checks,” said Ismail.

“I thought, why can’t I send you this [payment] via text message?”

With both co-founders having technical backgrounds, in April, 2009, Venmo emerged.

“At one point,” said Ismail, “we realized — we’re using it everyday. I bet our friends would want to use it as well.”

“I can use my cell phone at a local shop, without having to worry about cash or [credit] card.”

The idea suggests individuals build their financial networks in order to make lives easier, and, theoretically – at no charge.

Businesses are encouraged to invest in Venmo, because the money remains in a user’s Venmo bank account, or their personal bank account – completely protected.

Ideally, a patron could make transactions within his Venmo account, or include their personal bank account information to complete transactions.

“If you wanted, you could pull that money into your checking account,” said Ismail.

“We’ve gotten thousands of users. We only launched Venmo a couple of months ago.”

Based out of the 2000 block of Locust Street, Venmo also has satellite offices in New York City.

Nearly two weeks ago, Venmo was represented at Mobile Monday Demo Night, where mobile-related businesses from the Mid-Atlantic region have an opportunity to present their products, innovations and business ideas to an audience of local and national industry experts.

In doing so, Venmo was able to raise money for the Relief Foundation, an organization building an orphanage in Haiti.

Calling their reunion “the right timing,” Ismail said he and Kortina had a good working relationship, and that both are knowledgeable in philosophy.

Even some food trucks on the University of Pennsylvania campus accept mobile Venmo payments.

“It’s the convenience to send money via text message,” said Ismail.

Sign up here.  Venmo can be found on Twitter, Thrillist and Facebook, among more.