Tanda<\/a>, the platform he is building that provides financial resilience and community ties through collective savings. Tanda uses the Rotating Savings and Credit Association model and goes a step further to offer the service to small businesses as a way to retain employees, reduce turnover and minimize burnout.<\/p>\n\u201cWe\u2019re partnering with small business owners and they\u2019re offering it as a benefit to employees,\u201d Chor said. \u201cThere\u2019s already a micro culture, if you will, so we\u2019re able to link with each other better.\u201d<\/p>\n
How it works<\/h2>\n
In a traditional tanda, one person takes the lead in collecting the money and maintaining a ledger system for lending out that money. Chor\u2019s approach is to leverage technology to take over that job.<\/p>\n
Business customers advertise Tanda with employees, who scan a QR code and get access to the product for free. Rather than variable dollar amounts, they are fixed increments, and users can start at $100 and borrow up to $2,500.<\/p>\n
Tanda then charges fees based on payout position within a circle of people. For example, those who are first or second to take a payout will be assessed a fee of around 10% or 8%. Those in the middle will be free or could get a reward, Chor said. He is also getting interest from employers who want to sponsor the product so the fees are covered.<\/p>\n
\u201cOne of the secrets about tandas is, historically speaking, they have very low default rates, something like less than 2%,\u201d Chor said. \u201cThe reason for that is really the community and camaraderie of adults and social accountability.\u201d<\/p>\n
Next steps<\/h2>\n
Tanda is still in its early stages, working with a small group of restaurants and managing a few hundred thousand dollars, as it builds up its waitlist.<\/p>\n
Meanwhile, the company closed on $4.5 million in seed capital from Initialized Capital and Arc, Sequoia Capital\u2019s pre-seed and seed-stage catalyst. Chor intends to deploy the funding into scaling the business and hiring additional employees.<\/p>\n
\u201cWe want to help employers offer something more than just money, but how to build a community and trust within the team so they perform better,\u201d Chor said. \u201cFor us, that\u2019s really the next step \u2014 unlocking that ability within our product.\u201d<\/p>\n<\/p><\/div>\n
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Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Jesse Chor grew up going with his grandfather and uncles to Montreal\u2019s Chinatown to participate in their tanda collective. That\u2019s an informal peer-to-peer savings and lending network within a community of family, neighbors and friends. The concept, largely rooted in Mexican culture, has been around for centuries. Chor asked his grandfather why he used a […]<\/p>\n","protected":false},"author":1,"featured_media":54181,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[],"class_list":{"0":"post-54180","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-tech"},"_links":{"self":[{"href":"https:\/\/entertainment.runfyers.com\/index.php\/wp-json\/wp\/v2\/posts\/54180","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/entertainment.runfyers.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/entertainment.runfyers.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/entertainment.runfyers.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/entertainment.runfyers.com\/index.php\/wp-json\/wp\/v2\/comments?post=54180"}],"version-history":[{"count":0,"href":"https:\/\/entertainment.runfyers.com\/index.php\/wp-json\/wp\/v2\/posts\/54180\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/entertainment.runfyers.com\/index.php\/wp-json\/wp\/v2\/media\/54181"}],"wp:attachment":[{"href":"https:\/\/entertainment.runfyers.com\/index.php\/wp-json\/wp\/v2\/media?parent=54180"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/entertainment.runfyers.com\/index.php\/wp-json\/wp\/v2\/categories?post=54180"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/entertainment.runfyers.com\/index.php\/wp-json\/wp\/v2\/tags?post=54180"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}