Collctiv, a group payment app that allows friends, families, businesses, charities, and community groups to collect money together, has launched operations in the US.
Due to steady demand, an “eager” waiting list of users in the US who have previously watched on from afar, will now be able to avail all the benefits of Collctiv.
The “first of its kind” in the US market, Collctiv serves groups “with a focus on alleviating the pressure on group organizers to pool money in an easy and secure way.”
As noted in the update, the company recently hit a major milestone, “reaching $20 million in proceeds transactions.” Since its launch in the UK in 2019, demand for the solution “has soared, resulting in the development and rollout of the US product being brought forward.”
By expanding to the US, Collctiv now has the ideal launch pad “for international expansion.”
As mentioned in the announcement, Collctiv’s US solution is “predicted to replicate, if not exceed, the success of the current UK offering.” In the UK, the group payments provider has seen “an average monthly growth rate of 16% adding to their community of 420k users, including 15k companies.”
Although the product was not previously optimized for international use, payments through Collctiv have “been received from 88 countries.”
Co-founders Amy Whitell and Pete Casson have “used their combined technical expertise to develop the app, which is designed to help organizers to collect money for the planning of events without ending up out of pocket.”
The solution also “provides a lifeline to businesses and groups who need to collect money remotely for special occasions and celebrations.”
Co-Founder and CEO, Amy Whitell, said:
“The US market, with our shared language and cultural similarities, made this a priority market for us to expand into and we believe this provides the next phase of rapid growth for our company. There’s really nothing like Collctiv in the US, hence the huge demand for the solution. The digital payments space in the US is fragmented and dominated by P2P players who all cater for single peer-to-peer transactions.
The firm’s management added:
“It’s a huge market that is underserved by current solutions on the market. Our solution helps to solve a real day-to-day problem and will make it easier for groups to collect and spend money. By utilising the power of online solutions, Collctiv is propelling offline interactions and bringing people together. We are really excited for the year ahead and hope to continue to solve the problems for organisers in the UK, the US and across the globe.”
As noted in the update, Collctiv claims to be “a friendly bunch based in the UK.”
They’re a Fintech company, which simply means they “use state-of-the-art financial technology to make it easier for you to split payments with your friends.”
More specifically, they “make it easier for you to collect money upfront from your group, so you don’t have to pay out for people, crossing your fingers and hoping they pay you back.”
Their founders are Amy Whitell (CEO) and Pete Casson (CTO), “who between them have over 30 years’ experience building technologies and businesses that have real impact on people’s lives.”