Targeted at millennials, Tanda is a new alternative to savings and credit that allows users to pool money with a small private group

This January, Yahoo Finance launched Tanda, a social savings application that allows users to pool their money in groups of either five or nine people to save for short-term goals.

Targeted at millennials—infamous for their meager saving habits—Tanda is similar to a rotating savings and credit association (ROSCA), where each person in the group contributes a set amount and one person takes home all at the end of the month, rotating until each person has had the opportunity to do so. After downloading the app, entering bank information and being verified, users can join existing groups or create one with friends before choosing a monthly payout plan.

Tanda

This January, Yahoo Finance launched Tanda, a social savings application that allows users to pool their money in groups of either five or nine people to save for short-term goals.

Targeted at millennials—infamous for their meager saving habits—Tanda is similar to a rotating savings and credit association (ROSCA), where each person in the group contributes a set amount and one person takes home all at the end of the month, rotating until each person has had the opportunity to do so. After downloading the app, entering bank information and being verified, users can join existing groups or create one with friends before choosing a monthly payout plan.