The Best Alternative To Braid Money Pool
If you’ve been using Braid app to pool money, you have likely received an email from them announcing their impending shutdown on June 8, 2023. Braid app has assured its customers their money is safe, and provided a clear schedule of events leading up to the closure:
- May 10: Pool link contributions will be disabled, meaning no further deposits can be made into your money pool.
- June 8: The final day to withdraw funds electronically. Any remaining balance in your pool will be sent via a paper check.
While Braid app’s closure is disheartening, we want organizers everywhere to know Collctiv offers a simple, safe, and secure alternative to pool money. Read on to learn more.
What is Collctiv?
Collctiv is a group payment app designed to help organizers collect money from friends, without the hassle of having them download the app or sharing their bank details to send you money.
We launched in the UK in December 2019 and expanded to the US in the fall of 2022. Since then, we've helped over half a million people from more than 100 countries collect and spend group money on everything from travel, fundraising, parties, sports, bills, gifts, and everything in between.
Our innovative approach and outstanding performance earned us the Regional Winner award for Start-up Entrepreneur of the Year from Barclays in 2021, as well as a spot on Tally Market's Shining Stars of the Workplace 2023 List.
In the fall of 2022, we were thrilled to be the only British start-up accepted into the highly prestigious and competitive Techstar Accelerator Program in New York City. This is a huge achievement, and we're honored to join the ranks of other notable Techstars alumni, such as ClassPass, Owlet Baby Care, and PillPack.
How does Collctiv work?
Collctiv works in three easy steps:
1. Download the app and set up your collection: Let your friends know what (or who) you are requesting money for, how much they should put in, and when you need their money.
2. Share the payment link: Wherever you are already in touch with your friends (text, email, Slack) - simply share the link straight from the app. There is no need to share your bank details!
3. Watch those zeros turn into dollars: Friends just open their digital wallets and double-click to pay. No account creation or app download is necessary, eliminating (almost) every excuse in the book not to pay.
Is Collctiv free?
Collctiv is free to download, allowing you to manage your pools quickly, safely, and easily. When it comes to fees, there are no mandatory costs for contributors paying into your pool - we don’t want to get in the way of your collection!
On withdrawal, there is a 6% fee if you choose to withdraw the money straight to a bank account (unfortunately it does cost us to move this money to your bank), but you do have the option to purchase an e-gift card with no additional fees, straight from your Collctiv pool, from one of many options across retail, beauty, events and more! contribute 2% of your withdrawn amount to Collctiv.
Is Collctiv safe?
Yes. We prioritize the safety of your transactions. Collctiv partners with Stripe, a globally trusted and FCA-regulated payment processor, to verify the identity of anyone collecting or withdrawing money through our app. Additionally, all payments made via Collctiv are automatically 3D secured, requiring authorization from your bank or card issuer for each payment sent to us.