Group Payment App Collctiv Celebrates $20M Milestone
- 28.09.2022 06:45 am
Collctiv, a group payment app that allows friends, families, businesses, charities, and community groups to collect money together, is celebrating a major company milestone after reaching $20 million in processed transactions.
Since its launch in September 2019, the community-focused fintech from Manchester has grown organically and continues to go from strength to strength on the back of its $1.6 million pre-seed funding investment.
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%, Collctiv now boasts an impressive community of 400k users, including 13.5k companies. In particular, the business has had a noticeable impact on sectors including education, travel, retail and hospitality.
Now, as society embraces a return to normality, Collctiv is poised to continue its rapid growth. As of 2022, fintech is active in 88 countries and accepts payments in 63 different currencies.
Collctiv is the brainchild of Amy Whitell and Pete Casson, who serve as the company's co-founders. Together, they have used their combined technical prowess to build an app, which helps to bring people together all in the pursuit of a common activity, interest, or celebration.
Co-Founder and CEO, Amy 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.”