Tech entrepreneur unveils group savings app

A North East entrepreneur has launched a digital platform designed to modernise traditional community savings groups by improving transparency and reducing the risk of fraud.

Reuben Odunze, founder of Circe Save, has developed an app that digitises rotational savings circles, where groups of friends, families or community members contribute regular amounts into a shared fund before taking turns to receive a payout.

Originally from Nigeria and now based in Sunderland, Reuben said the idea was inspired by the challenges many legal migrants and minority communities face when accessing mainstream financial services due to limited UK credit histories.

He said: “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 Circe 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.

“I’ve seen friends and family lose money through failed savings groups and my wife was also affected when a group she was part of collapsed after members stopped contributing.

“That experience helped me understand the real pain points people face and motivated me to create a safer digital solution.”

While informal savings circles have been used for generations in communities around the world, they often rely on trust alone, leaving participants exposed if members fail to make payments or funds are mismanaged.

Circe Save aims to address those issues by providing a structured digital platform that allows users to organise, manage and monitor their savings groups more securely.

Reuben added: “People join these groups because they trust one another, but when something goes wrong the financial and emotional impact can damage friendships and communities. 

“We want Circe Save to give people peace of mind so they can continue supporting each other financially with greater confidence. 

“We are not replacing human relationships, we are helping protect them by giving people more visibility, accountability and confidence throughout the savings process.”

Reuben brings more than 12 years’ experience in software development and financial technology, having worked with a number of fintech start-ups before launching the business.

Although the platform has been developed with migrants and minority communities in mind, Circe Save is open to anyone looking for a collaborative and disciplined way to save money with people they know.

To find out more, click here.

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