Manchester group payment app secures £140k investment
Manchester-based Collctiv, a group payment app that allows friends and family to collect money together, has secured a £140,000 co-investment from GC Angels.
The app was launched in September 2019 and has so far registered more than 3,200 users. It enables friends and family to send money to each other or collect multiple sources into a pot.
The pots can be used for a variety of reasons, including holiday bookings, charity donations, and have even been used for online gaming tournaments with friends.
Amy Whitell, CEO and Co-founder of Collctiv, said: “There has always been an element of awkwardness when trying to gather money from friends for expensive group bookings - we wanted to introduce a platform that would remove the burden from individuals and make their lives easier.
“As we move closer towards a cashless society, we believe that exchanging money between friends and family should be a completely seamless process, which is why the average Collctiv transaction takes only 10 seconds.
“GC Angels has supported us at the perfect time, as we are looking to build on our app to deal with the growing number of users we’ve welcomed on to our platform in the last eight months.
“We have recently enjoyed our second best month to date for volume of transactions handled, which demonstrates how well our platform is being received by our users. We have been inspired by our customers’ stories of how they are using the app for good during the pandemic, and we hope to continue to see Collctiv used as a tool for such great causes.”
Jessica Jackson, Investment Director at GC Angels, added: “As a specialist social impact lender, this is exactly the type of company that GC Angels looks to support.
“Collctiv has used its platform for good and strived to help those that are struggling in difficult situations, meaning it has truly set an example for other Manchester startups to follow. GC Angels is proud to back the business, and we are confident that Amy and her team will continue to go from strength to strength.”