Company: Collctiv
Website: https://www.collctiv.com/
About Amy & Collctiv
Collctiv Founders Pete & Amy were working together as CTO and COO in a fast-growth tech scaleup when a teammate announced her maternity leave. 10 colleagues all committed to contribute £10, and Amy bought a mum-to-be spa voucher with a £100 budget in mind.
A few weeks later and after much chasing Amy realised she had only received £20 back..and £10 was her own! This was the straw-that-broke-the-camels-back moment that set Pete & Amy on course to understanding the problem and opportunity of group payments. Collctiv was born.
Collctiv makes it easy for Organisers to collect and spend group money. By understanding how a group of friends/colleagues functions – and by putting the Organiser at the centre of everything they do and build – they make it much more likely that the Organiser will collect all the required money for a group purchase or booking. The Contributors of the group are not motivated to do any banking, download another app, create an account or even go to a cash machine. That is why all they have to do is simply tap/scan to pay in less than 5 seconds – no account set up, no banking, no fuss.
Since launching in September 2019, Collctiv has raised £750K over pre-seed and seed rounds, processed over £7.5M of group payments, in 42 currencies from 55 different countries, turning over £220K in revenue. It has 210K users who have made 250K
payments, and sent 123K messages.
Collctiv serves Organisers who make plans, collect money and make purchases/bookings in over 1,100 cities around the world. Collctiv is used in 10K companies, 58 UK government agencies, 136 UK councils, 62 NHS trusts, 118 schools and 156 universities*. All of this has been achieved by spending less than £6,000 on paid advertising/social ads in total and instead in achieving growth through organic SEO and viral network effects of the product.
Their plan is to:
- Build a sustainable platform for growth
- Prepare for and launch Collctiv’s service in the US to meet consumer demand
- Build out the development team to improve user experience, improve the platform management and expand the network.
- We also need to hire talent in compliance, finance, HR, operations, data analytics, marketing and sales
- With the customer “pull” demand from the US, targeting that market is a natural extension for Collctiv
