Brooklyn Cooperative Receives $300,000 to Work on Social Savings Program

The $11 million Brooklyn Cooperative FCU has received a $300,000 grant from the Center for Financial Services Innovation to help develop the financial institution interface for a social network savings program.

The program, called Piggymojo, allows couples to cooperate in savings for goals they set jointly. For example, a couple might decide they want to save $2000 toward some goal over the course of a year and determine that will require them to save roughly $40 per week. After registering with Piggymojo, they are each able to text the site to reflect their savings activity, such as forgoing an coffee out or walking to something rather than taking a cab and how much money they saved by doing that. The site then adds that amount to their savings total and texts the partner about the savings, spurring them in turn to find a savings opportunity.