Monk reduces global poverty by enabling social circles and communities to save, borrow and lend together. Unlike traditional peer to peer lending platforms, monk is a self-service platform that is driven by the group leader and enforced by the social trusts and pressures among members.

Monk actually mimics a very popular offline financing model that thrived in many different cultures for decades. It’s known as the “Hui” in Chinese, “Susu” in African, “Tandas” in Mexican, “Tanomoshi” in Japanese and etc.

The basic premise of the model is to have a group of close friends and family members come together once a month and contribute a fixed amount of the money into a money pool. Then one member of the group will be chosen to withdraw the entire lump sum from the pool, often for purpose of down payments towards houses or cars or to start new businesses. Then the same group of people come together again in the subsequent month and contribute the same fixed amount, a...
Monk reduces global poverty by enabling social circles and communities to save, borrow and lend together. Unlike traditional peer to peer lending platforms, monk is a self-service platform that is driven by the group leader and enforced by the social trusts and pressures among members.

Monk actually mimics a very popular offline financing model that thrived in many different cultures for decades. It’s known as the “Hui” in Chinese, “Susu” in African, “Tandas” in Mexican, “Tanomoshi” in Japanese and etc.

The basic premise of the model is to have a group of close friends and family members come together once a month and contribute a fixed amount of the money into a money pool. Then one member of the group will be chosen to withdraw the entire lump sum from the pool, often for purpose of down payments towards houses or cars or to start new businesses. Then the same group of people come together again in the subsequent month and contribute the same fixed amount, and another member of the group will be chosen to take the lump sum. This process repeats itself until every member in the group had a chance to withdraw the lump sum in a given month.

With over 5 billion people coming online via mobile devices by 2017, with the fastest growth and adoption rate in the poorer regions of the world. Monk is hoping to reach those most under-served and most neglected communities using mobile applications. We are uniting the members of these communities, not only socially, but also financially to create much needed leverages for the limited capital individuals of these groups possess. By doing so, we can create a layer of financial security for those in need as well as provide users the ability to seize opportunities to improve long term financial health.
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