StepLadder, the collaborative deposit peer-to-peer saving platform, and Squad, the next generation collaborative savings platform, have announced a partnership.
The partnership will help StepLadder to enhance its members’ day-to-day experience with new features on Squad’s mobile app and help Squad to expand its collaborative savings offering to include peer-to-peer ROSCAs.
StepLadder groups members in ‘circles’ to which each individual contributes a fixed sum each month. The contributions of each member of the circle in that particular month are allocated to one of the circle’s members by random draw, ensuring absolute impartiality. The process is repeated on a monthly basis until all of the circle’s members have received their deposit money from a combination of lending and borrowing.
Squad is a collaborative savings platform where users can save money together towards shared goals. Squad offers users a safe space to motivate each other and pool financial knowledge.
As a result of the partnership, StepLadder & Squad have launched the First Step Circle on the Squad app. Through the app, StepLadder users will see updates about their circle (payments and people who have drawn) and have a platform to engage with their circle. The circle will be £25 a month for 20 months, helping individuals to save £500 in total.
Squad will engage circle members with each other and activate the community. It will also help them track their own progress and that of their circle. Aside from this, the partnership will keep circle members up date with news and updates specific to their circle.
Matthew Addison, CEO and co-founder of StepLadder, said: “We want our members to have a great experience, feeling part of a collaborative community taking charge of their financial well-being. Squad will super-charge building this community for our First Step circles and beyond.”