About

Tomo is a way of saving communally with your core network of close friends and family. The basic principles behind saving money with Tomo are accountability and encouragement. Users create a savings instance called a “Partner” with a monetary goal in mind and then invite their close friends and/or family to contribute. Once everyone’s agreed on what the total savings will be and what order everyone will receive the money in the Partner can start. It’s not just friends throwing money at you that they may never see again. The way it works is users pool their money into a “pot” over a set amount of time. Each user gets to withdraw the entire amount of communal funds from the pot based on his or her turn in line until everyone has had a turn, thereby saving the set amount of money agreed upon. Users earlier in line get the money a little faster than user later in line. That’s not to say users at the end of the line lose out as will be explained in the Perks area.