Yahoo Finance today launched a new app called Tanda that allows small groups of either five or nine people to save money together for short-term goals. The app uses the concept of a “money pool” – that is, everyone participating in one Tanda’s collaborative savings circles will pay a fixed amount to the group’s savings pot every month. And every month, one member gets to take home the full pot.
But Tanda is not a gambling app. That is, users are not contributing in the hopes of “winning” the pot of money – everyone in the savings circle gets a chance to take home the full pot at some point.
The app is based on the age-old “rotating savings and credit associations” (ROSCA) concept, which pushes people to save through the use of collective pressure.