A Sunderland-based tech entrepreneuris hoping to transform the way communities save money togetherwith the launch of a newdigital platform designed to make group savings more secure and transparent.
Reuben Odunze, founder of Circle Save, has developed an app that digitises traditional rotational savings systems often used by friends, families and communities to pool money together.
Reuben says the idea was inspired by the financial challenges faced by many legal migrants and minority communities in the UK who can struggle to access mainstream financial services due to limited credit histories.
Circle Save allows groups of trusted individuals to contribute regular amounts into a shared savings pot, with members taking turns to receive payouts. While similar systems have existed informally for generations, Reuben says the lack of structure and security can leave participants vulnerable to fraud or members defaulting on payments.
He explained: “Most people currently run these savings groups entirely based on trust amongst friends and family. Unfortunately, trust can sometimes be broken, and people can lose money when members stop contributing or disappear with funds.
“What we are trying to do with Circle Save is digitise the process to make it more transparent and secure. We want to help communities continue saving together while reducing the risk of fraud.
“People join these groups because they trust one another, but when something goes wrong the financial and emotional impact can damage friendships and communities,” he said. “We want Circle Save to give people peace of mind so they can continue supporting each other financially with greater confidence.
Although the app has a particular focus on supporting migrants and minority communities, Reuben stresses that the platform is open to anyone who wants a disciplined and collaborative way to save money with people they know.