Stepladder and Squad partner to create a unique collaborative peer to peer savings experience helping both their members get onto the property ladder faster
StepLadder, the UK’s first collaborative deposit peer to peer saving platform, and Squad, the new, next generation collaborative savings platform, have announced a partnership today. The partnership will help StepLadder to enhance their members’ day-to-day experience with new features on Squad’s mobile app and help Squad to expand their collaborative savings offering to include peer to peer ROSCAs.
StepLadder & Squad have launched the First Step Circle on the Squad app. Through the app, StepLadder users will see updates about their circle (payments and people who have drawn) and have a platform to engage with their circle. The circle will be £25 a month for 20 months, helping individuals to save £500 in total.
StepLadder groups members in ‘circles’ to which each individual contributes a fixed sum each month. The contributions of each member of the circle in that particular month are allocated to one of the circle’s members by random draw, ensuring absolute impartiality. The process is repeated on a monthly basis, until all of the circle’s members have received their deposit money from a combination of lending and borrowing.
Squad is a collaborative savings platform where users can save money together towards shared goals. Squad offers users a safe space to motivate each other and pool financial knowledge. Squad will engage circle members with each other and activate the community. It will also help them track their own progress and that of their circle. Aside from this, the partnership will keep circle members up date with news and updates specific to their circle.
As avid supporters of first-time buyers, StepLadder& Squad aim for this partnership to create a space for users to collaborate towards their home deposits. Via the Squad app, members will be able to be in closer contact with each other and the circle’s admin. StepLadder then stays with user throughout, introducing advisers for key parts of the buying process, including mortgage and legal experts.
Matthew Addison CEO and Co-Founder of StepLadder said on the partnership, “We want our members to have a great experience, feeling part of a collaborative community taking charge of their financial well-being. Squad will super-charge building this community for our First Step circles and beyond.”
Padraic Sheerin, CEO and Co-Founder of Squad said, “We are excited to add ROSCAs to our existing collaborative saving products. Getting onto the property ladder is a key goal for many of our users and partnering with StepLadder gives our users a unique way to achieve their goal of homeownership.”