Asking for money using social media or crowdsourcing websites and apps when a crisis strikes has become a modern-day norm. But a new digital platform is emerging that aims to provide a long-term solution for financial planning and saving money among family and friends.
Crowdsavings, a trademarked name by Memphis native JT Shaheen, is a new financial technology concept that reimagines crowdfunding by collecting money for life’s big events — before they happen, not afterward.
After 18 months of design, development and focus group testing, Shaheen and his team are preparing to launch a new app, Mo Crowdsavings, based on proactive crowdfunding.
Mo, which stands for “moments, money and momentum,” allows users to ask their close friends and family members to help them save for life’s milestones, such as a new car, wedding or graduation, through a secure platform.
“Mo is here to help anyone with a bank account and a dream,” said Shaheen, a former musician, serial entrepreneur and Mo Crowdsavings developer.
Shaheen built Mo with the help of Austin, Texas, design firm Thinktiv and FortyAU, his development partner in Nashville. He shared the broader vision, then hired experts to build the app.
Mo is now available for downloads from both the Apple and Google app stores. Shaheen plans to invite Memphis residents to be among the first users for beta testing.
How it works
- Download the free app
- Create an account
- Declare first moment, the purpose for asking for savings help
- Set a savings goal
An AI tool helps guide users through the setup process with questions and prompts. Once complete, prospective contributors are invited by users through the app, text message or email to donate money for deposit into their Mo savings account. To strengthen their appeal, users can upload videos to share more details about their savings goals.
Although the money is held with Mo until users make requests for withdrawals, the app uses Stripe, a global payment portal, for the financial onboarding process. Banking information is still required by the app for users to receive money from invited family members and friends, who now comprise a Mo accountholder’s personal savings ecosystem.
Shaheen’s hometown, Memphis, is slated to test this new technology and approach to community saving before any other city. But he expects to attract users across the country.
“It’s something that people need and not just in the U.S.,” said Shaheen. “There is a void in the marketplace and Mo is the solution.”
