Photovoltaic devices used in conjunction with functional optical elements for light concentration and spectrum splitting are known to be a viable approach for highly efficient photovoltaics. Conventional designs employ discrete optical elements, each with the task of either performing optical concentration or separating the solar spectrum. In the present work, we examine the performance of a compact photovoltaic architecture in which a single lens plays a dual role as both a concentrator and a spectrum splitter, the latter made possible by exploiting its intrinsic dispersion. A four-terminal two-junction InGaP/GaAs device is prepared to validate the concept and illustrates pathways for improvements. A spectral separation in the visible range is demonstrated at the focal point of a plano-convex lens with a geometric concentration ratio of 1104X with respect to the InGaP subcell.