British group payment app Collctiv has completed the first tranche of funding round worth £140k from GC Angels.
Founded in September 2019, the app which allows friends and family to collect money together seamlessly.
The Manchester-based payment firm has garnered more than 3,200 users so far, which also includes foreign users. Approximately 8% of all transactions carried out on the platform come from the US.
Commenting on the transaction, Collctiv CEO and co-founder Amy Whitell said: “As we move closer towards a cashless society, we believe that exchanging money between friends and family should be a completely seamless process, which is why the average Collctiv transaction takes only 10 seconds.
“GC Angels has supported us at the perfect time, as we are looking to build on our app to deal with the growing number of users we’ve welcomed on to our platform in the last eight months.
“We have recently enjoyed our second best month to date for volume of transactions handled, which demonstrates how well our platform is being received by our users.”
GC Angels investment director Jessica Jackson added: “Collctiv has used its platform for good and strived to help those that are struggling in difficult situations, meaning it has truly set an example for other Manchester startups to follow.
“GC Angels is proud to back the business, and we are confident that Amy and her team will continue to go from strength to strength.”