London FinTechs StepLadder and Squad have announced a merger.

The start-ups are coming together to evolve their offering of a peer-to-peer platform which aims to help a generation of renters get on to the property ladder.

StepLadder is a collaborative deposit peer-to-peer saving platform while Squad is a collaborative savings platform.

Squad’s existing offer will integrate into the StepLadder platform to improve its user experience and communication with members of its deposit-saving ‘circles’.

The two companies announced in February their partnership to enable StepLadder members to engage via Squad’s app.

Mihir Bhushan, CPO and co-founder of Squad, will join the StepLadder team and lead the development of its ‘Platform 2.0’, planned to be released later this year.

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“We are delighted to join forces with Squad,” said Matthew Addison, CEO and co-founder of StepLadder.

“Their elegant, innovative offering is infused with deep thinking on the opportunity, and barriers, to delivering collaborative finance.

“Combined with our accelerating membership, together we expect to deliver an immediate leap forward for member experience and scalability.

“We know the next step for us is to better utilise technology to build community on our platform. Both StepLadder and Squad see the wave of collaborative personal finance rising.”

Bhushan said: "I am really excited to join the StepLadder founding team. We're driven by the same vision for a collaborative future in financial services.

“Together, we will address a key social issue by helping people get the keys to their new homes sooner.

“Our combined offering has the potential to be the first genuinely new mainstream deposit saving techniques in a generation."