In Latin America for ages people have been getting together to do “collective savings plans”. In a plan each member of the group contributes a set amount of money per month and each month one of the participants gets the monthly pot. The plan continues until every participant got the money and also paid all the installments.
These groups where always called Yattos and this is the name that Roberto Bargagli, CEO of Yattos, gave the company.
The main reason this savings system has been so popular in the Latin countries (the system is even used to purchase durable goods like cars) is because economic instability in many of these countries has lead to little or no credit so friends and family were always “the bank”.
In this interview Roberto talks about enabling this system electronically and how he is implementing it in the Americas.
Please watch the video above.