Collctiv, a group payment app that allows friends, families, businesses, charities, and community groups to collect money together, has now processed transactions totalling $20m.
Since its launch in September 2019, the Manchester-based FinTech has grown on the back of raising $1.6m in pre-seed funding.
Collctiv was created to help organisers manage groups more easily and to collect money for the planning of events, as well as social activities.
The app also provides a lifeline to businesses and groups who need to collect money remotely for special occasions and celebrations.
Three years on from its launch, and with an average monthly growth rate of 16 per cent, Collctiv now has a community of 400k users, including 13,500 companies.
In particular, the business has had a noticeable impact on sectors including education, travel, retail and hospitality.
Collctiv is the brainchild of co-founders Amy Whitell – who told us her ADHD inspired the business – and Pete Casson and is active in 88 countries.
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Whitell said: “Collecting money can be painful and time-consuming, and often leaves the organiser out of pocket. That’s why we’ve created Collctiv.
“Our solution helps to solve a real problem and it is making it easier for groups to collect and spend money, using the power of online to power the offline.
“As we emerge from the Covid-19 crisis, we’re noticing that people around the world are increasingly focussed on uplifting the communities that mean something to them.
“In fact, we experienced a surge in demand during the height of the pandemic as people looked for ways to collect money together for common causes.
“That uplift put us in a great position as a company, and we are already ahead of target and really excited for the year ahead.
“With the world of organised events returning to normal, we hope to further this growth imminently. As always, our goal is to continue solving problems for organisers across the globe.”