Draft:TANDA

Submission declined on 1 June 2024 by Liance (talk).

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Declined by Liance 54 days ago. Last edited by Liance 54 days ago. Reviewer: Inform author.

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Tanda Technologies, Inc is an American company founded in 2023 that operates a social savings mobile application based on Rotating Savings and Credit Associations (ROSCAs), or ROSCAs are a popular savings method and known by a variety of names worldwide, such as Chit fund, Hui, Tanomoshiko,. App users deposit money on a scheduled basis and each member takes turns withdrawing a lump sum.

History

Inspired by a successful Yahoo product launched in 2018^[1], Tanda was founded in 2023 by Jesse Chor, Chris Chan, Mike Emery, and Glen Wong.

March 2023 - Company Founded

April 2023 - Arc Spring '23 Cohort

Sept 2023 - TANDA App - Alpha release

Nov 2023 - Seed Round Funding from Sequoia Capital + Initialized Capital, raised $4.5 million^[2]

March 2024 - TANDA App - Beta release

May 2024 - TANDA App - GA release

Functionality

The TANDA app is a digital version of a traditional savings group where people pool money together to reach their financial goals. In this system, each member of the group contributes regularly. Every period, one member gets the total savings, while others contribute to that person. This rotation continues until everyone gets their share. Then, the group can decide to restart the cycle or stop.

How It Works

Savings Circles: Members join circles with the group fund ranging from $100 to $1000. Users can level up to larger savings circles from joining smaller circles at the beginning. Contribution and payout schedules can vary from biweekly to monthly, depending on the circle.Members select their preferred schedule for receiving the lump sum payout.

Rewards and Fees: Members who need an early payout incur a fee. The app incentivizes consistent contributions and accepting payment at the end of the circle by offering rewards.

Community Features

Creating Circles: Users can create their own circles and invite friends and family, making saving a social and collaborative experience.

Home Page Feed: A home page feed allows circle members to share their savings goals and experiences after receiving their payout, fostering a supportive community.