The team behind Manchester group payment app, Collctiv, say they have launched in the USA ahead of schedule.
The company which enables friends, families, businesses, charities, and community groups to pool money has recently raised $1.6m in pre-seed funding investment.
Today’s move into the US comes after it reached the milestone of $20m in proceeds transactions through its platform.
“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,” explained Co-Founder and CEO, Amy Whitell.
“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!”
In the UK, the company has seen an average monthly growth rate of 16%. Its 420k users include 15k companies.
