Collctiv is a Manchester payment fintech founded in September 2019. When thousands of new users signed up to the app in 2020, it needed to get cash in place to rapidly scale its operations.
Collctiv is an app that helps group organisers collect and spend money for activities and large gifts through simplifying the money collection and payment process.
When the pandemic hit, the business was still in its early stages. But as people looked for new cashless ways to collect money, Collctiv experienced a huge surge in demand. Thousands of new users were registering on the app.
With the sudden increase in demand, the team looked for investment to continue development of the app, ensuring group organisers could collect money in a secure, easy way. Collctiv wanted to find the right funding and partner to support the rapid growth of this exciting new stage of their journey.
Collctiv connected with GC Angels, who helped them to secure a £200,000 investment via local business angels. Business angels are individuals who provide their own money to businesses to help them grow, in return for a share of profits or the business.
This investment was used to develop its app infrastructure so that more people could use it, and boost marketing efforts.
It helped Collctiv to get the foundations in place to rapidly grow its business, and support even more people with their payment needs.
This initial investment helped Collctiv grow at an incredible rate. Just over a year on from securing the money, the app had processed £3m in payments and reached a turnover of £110,000.
Collctiv has now helped over 800k people to come together with the people they love, processing over £40m of payments from 140 countries along the way.
They started their global expansion journey in October 2022, launching the app in the United States and also being selected to join the prestigious Techstars NYC accelerator for the 2022 Fall Class. Ambitions remain in place to further expand into new regions, helping even more organisers across the globe!
Speak to one of our specialist finance experts today to see how we could help your business rapidly grow
The content and materials featured or linked to are for your information and education only and are not intended to address your personal or business requirements.
The information does not constitute financial advice or recommendation and should not be considered as such.
Simplifi is not regulated by the Financial Conduct Authority (FCA), its authors are not financial advisors, and it is therefore not authorised to offer financial advice.
Always do your own research and seek independent financial advice when required. Any arrangement made between you and any third party named or linked to or from the site is at your sole risk and responsibility.
Simplifi assumes no liability for your actions.