A 21-year-old entrepreneur studying in Aberystwyth has created a fare-splitting app that solves the problem of dividing petrol costs between friends.

FriendFare is the brainchild of software engineering student Jack Thomson, who came up with the idea with his cousin Tom and friend Rob after spending long journeys travelling to various mountain bike locations around Wales.

Following their trips they were inevitably faced with the task of working out how much the designated driver was owed.

The app, which is set to launch next month on both iOS and Android platforms, calculates the amount of petrol spent per journey based on car type and distance.

"I hope Friendfare will be a handy solution to the common conundrum of when friends are trying to work out how much they owe each other in petrol costs," Thomson said.

"It's gone through several prototype stages and been heavily influenced by user feedback to ensure it’s easy and functional to use. It’s been a labour of love and I can’t wait for it to go live now."

Despite the app not being available to the public just yet, Thomson is already thinking of ways to develop the FriendFare concept even further and find solutions for other day-to-day financial problems such as bill splitting at a restaurant.

He is also developing mobile payment functionality within the app's range of services.

Thomson added: "I believe there are real opportunities to branch out beyond lift sharing and now I am comfortable with building and developing the app, I’m actively looking for ways to continue expanding and evolving Friendfare's offering."

The FriendFare app was created with the support of Big Ideas Wales, the support service for young entrepreneurs. It forms part of the Welsh Government’s Business Wales Service and is part funded by the European Regional Development Fund.