Across the globe, family and friends get together in groups to save, invest, borrow, and send money. Known as a chit fund in India, a Tanda in South America and a Chama in Kenya, group saving is a worldwide phenomenon practiced by over 520 million people living on every continent on the globe.
But saving together is hard, there are problems of trust, transparency, cost, and coordination. With trust networks increasingly distributed and time poor these problems are exacerbated. A fragmented financial services ecosystem adds cost, complexity, and friction.