Poolside provides a digital thrift savings platform that enables employees in African communities to access interest-free loans through transparent group savings. This solution alleviates financial stress for employees while minimizing operational costs and risks for employers, fostering financial inclusion and productivity in the workforce.
Funding
Funding not disclosed
Founders
Product
Problem
Many employees in African communities lack access to formal financial services, making it difficult to save, access credit, and manage unexpected expenses. Traditional lending options often involve high interest rates and stringent requirements, while informal savings groups can be unreliable and lack transparency. This financial instability can lead to stress, reduced productivity, and limited opportunities for personal and professional growth.
Solution
Poolside offers a digital platform that facilitates transparent and secure group savings, enabling employees to access interest-free credit through rotating savings and credit associations (ROSCAs), also known as "thrift pools" or "ajo". The platform automates the management of these groups, handling scheduling, contributions, and payouts, thereby reducing the administrative burden for employers and increasing trust among participants. Poolside also offers individual savings options with targeted goals and a protection mechanism against contribution losses due to late or missed payments. By providing a structured and accessible savings ecosystem, Poolside empowers employees to achieve their financial goals and improve their overall well-being.
Target Audience
Poolside primarily targets employers in African communities looking to provide financial wellness benefits to their employees, as well as individual employees seeking accessible and reliable savings and credit solutions.
Features
- Automated thrift-group management with customizable contribution schedules (daily, weekly, monthly) and payout types (LIFO, FIFO, Random, Custom).
- Digital wallets for secure and transparent tracking of contributions and payouts.
- "Umbrella+" feature to protect thrift contributions against late or missed payments.
- Individual savings vaults with targeted savings goals.
- Community matching feature to connect employees with trusted thrift partners.
- Bill payment functionality for managing and automating bill payments.
- Mobile app for easy access and management of savings and credit activities.