Group payments platform Collctiv has launched in the USA.
Founded by Amy Whitell and Pete Casson, the app is designed to help organisers 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.
Since its launch in the UK in 2019, Manchester-headquartered Collctiv has handled $20m in proceeds transactions.
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.
“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!”
The first of its kind in the US market, Collctiv serves groups with a focus on alleviating the pressure on group organisers to pool money in an easy and secure way.
Set for rapid growth, 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 per cent adding to their community of 420k users, including 15,000 companies.
Although the product was not previously optimised for international use, payments through Collctiv have been received from 88 countries.