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Collctiv closes £140k funding round

Manchester-based Collctiv, a group payment app which allows friends and family to collect money together seamlessly, has secured a £140,000 co-investment from GC Angels.

The app was first launched in September 2019, and has so far registered more than 3,200 users. This includes overseas users, with eight per cent of all transactions coming from the United States.

It enables friends and family to send money to each other or collect multiple sources into a pot. These 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.

Each pot can have a target amount of money or a date deadline set. Numerous users have reported that they have used Collctiv for charity donations to frontline NHS staff during the COVID-19 pandemic, whilst other users have received payments from elderly neighbours who are self-isolating for their weekly food shopping.

Collctiv was recently named the fundraising partner for the #LocalLegends initiative, which aims to raise money for frontline NHS staff in the North West of England.

The campaign is being spearheaded by the award-winning theatre company, NotTooTame, and is being endorsed by a number of northern actors and celebrities.

Whilst these initiatives are expected to grow the platform’s user base, the investment provided by GC Angels will allow Collctiv to build out its technology and improve it further. The company is also looking to ramp up its marketing spend to entice more users to the platform.

Amy Whitell 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 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 said: “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.”