ROSCA Money Circle app brings traditional saving method to digital platform

New technology created by a Valley native is aiming to improve how friends and families manage a money circle.

After nearly a decade with an idea, Cindy Chávez Swenson recently launched the R.O.S.C.A. Money Circle App.

She says that growing up, her mom always managed money circles known as tandas in the Latino community.

"It was a way for my mom to save for things and I saw it as a really innovative way whenever we needed funds for an event or just to have available," said Swenson.

A money circle is when a group of people contribute money to a shared pool, and each member takes turns receiving the total amount.

The app takes the traditional savings method to a digital platform.

"My mom had pieces of paper where she would organize who had the numbers; I wanted to mirror that in the app so when people log in, they can create a circle, and it's bilingual," said Swenson.

A tool Swenson says could benefit those who use the savings method and those interested in trying it out.

"On average, about 10 billion dollars go around in money circles, and individually, it's $2,400, so it's not a lot of money individually; it's a scale of how many people do it yearly," said Swenson.

Her goal is to empower communities who trust and depend on Money Circles.

Cristina Pina has supported Swenson in her years-long journey and says the app's convenience and efficiency could inspire change.

"Tandas were there to fund weddings and quinceaneras and start small businesses. I see ROSCAS not just as an app but a movement in changing the way we think about finances and build communal savings," said Pina.

Swenson is working on a partnership with a bank and wants user feedback to help strengthen the app.

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