A Sunderland-based tech entrepreneur is hoping to transform the way communities save money together with the launch of a new digital platform designed to make group savings more secure and transparent.
Reuben Odunze, founder of Circe Save, has developed an app that digitises traditional rotational savings systems often used by friends, families and communities to pool money together.
Originally from Nigeria and now living in Sunderland, 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.
Circe 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 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.
“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 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.”
With more than 12 years’ experience in software development and working with financial technology start-ups, Reuben says he understands both the technical and personal side of the issue.
“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,” he said.
“That experience helped me understand the real pain points people face and motivated me to create a safer digital solution.”
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.
He added: “The idea is to start from the UK and eventually expand across Europe, America and beyond. Anyone who wants to save collectively with friends or family can use Circe Save.”
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Photo: Reuben (Steve Brock Photography)
PR and Media keith@highlightspr.co.uk 07814 397951