Collctiv and Love2shop Launch 'Love2save' to Revolutionize Group Savings for UK Consumers

Collctiv has entered a strategic partnership with Love2shop to launch Love2save, a dedicated savings venture aimed at the UK consumer market. For fintech professionals, this move signals a deepening integration between social payment orchestration and retail-linked savings, addressing the logistical friction inherent in collaborative financial goals and group expenditure management.

What was announced

The core of this announcement is the launch of Love2save, a collaborative financial tool designed to streamline how groups of people pool and save money. By integrating Collctiv’s proprietary group payment technology with Love2shop’s established retail infrastructure, the initiative provides a structured environment for users to manage shared financial targets. The service is specifically built for UK consumers who are navigating group finances for shared experiences, collective gifts, or long-term saving objectives.

The functionality allows users to establish digital savings pots directly within the Collctiv mobile application. These pots serve as central repositories for funds contributed by multiple individuals. Once a savings goal is met or a purchase is ready to be made, these funds can be redeemed across the Love2shop partner network. This network encompasses a broad range of retail brands, providing users with a closed-loop ecosystem that transitions from social collection to final transaction.

The initiative is positioned as a response to the current economic climate, where transparency and collaborative tools are increasingly sought after by consumers looking to maximise the value of their collective spending power. By providing a dedicated platform for these activities, the partnership aims to remove the traditional hurdles of tracking individual contributions and managing the eventual payout to retailers.

"Our mission has always been to make it easy for groups of people to do amazing things together, and this partnership takes that a step further by providing a structured, rewarding way for friends and families to save for the moments that matter most."

Amy Newford, CEO & Co-Founder of Collctiv.

The companies involved

Collctiv is a UK-based fintech firm that specialises in group payment technology. The company focuses on solving the "social debt" problem by providing an app-based solution that allows organizers to collect money from groups without the need for each participant to download an app or set up a new account. The business has expanded its reach significantly, including a presence in the United States, and counts Joe Robotham as its RevOps Manager and Amy Newford as its CEO & Co-Founder.

Love2shop is a major player in the UK multi-retailer gift card and voucher market. The brand is widely recognised for its extensive network of partner retailers, which spans high-street stores, restaurants, and attractions. By partnering with fintech providers like Collctiv, Love2shop extends its utility from a traditional gifting product into a functional component of modern digital savings and social commerce strategies. The company’s infrastructure provides the necessary scale for redeeming pooled funds across a diverse range of consumer categories.

What FF News has reported before

FF News has tracked the growth of Collctiv as it has scaled its group payment infrastructure and expanded its market footprint. In late 2022, we covered the company’s international ambitions as Collctiv Launches to Long Wait List in the US, followed shortly by the news that Collctiv Joins Techstars Accelerator Programme in NYC, highlighting its traction in the North American startup ecosystem.

More recently, the firm has focused on strengthening its underlying payment processing capabilities. In November 2023, we reported that Collctiv And Ryft Forge Strategic Partnership To Revolutionise Group Payments, a move designed to enhance the speed and security of its core transaction engine. This latest venture with Love2shop represents a shift from pure payment processing toward a more consumer-facing savings and rewards model.

What this means

This partnership highlights a significant trend in the fintech sector: the move toward "purpose-built" savings. By linking group pots directly to a retail network, Collctiv and Love2shop are bypassing the traditional bank account, keeping liquidity within a controlled ecosystem. This puts pressure on traditional banks that have struggled to offer truly collaborative features beyond simple joint accounts. The success of Love2save will likely depend on the breadth of the retail network and the ease of redemption. It raises a broader question for the industry: will consumers continue to prefer general-purpose savings accounts, or will they migrate toward these niche, goal-oriented platforms that offer a more direct path to consumption?