Tymit, the new mobile enabled credit card, has secured £4 million in funding, the London headquartered firm announced today.
Tymit offers customers more flexibility and control over their purchases than a traditional credit card through its smart, proprietary technology.
Purchases are either paid for in full at the end of the month - interest free - or they are split into three, six, 12 or 24 equal monthly instalments. The repayments, including capital and interest, are clearly shown in Tymit’s app at the time of purchase.
Importantly, purchases can be also bundled together, so they can be paid off as one - for example costs associated with a weekend trip abroad.
Tymit operates in a fair and transparent way by never charging additional fees and clearly showing the cost of financing a purchase over time. Tymit’s concept has proved exceptionally popular with thousands of people currently on the waiting list. With the upcoming launch of Tymit’s app, those on the list will be invited to apply for the card.
Comprising of a mixture of debt and equity funding, today’s raise will be used develop a world class customer servicing platform and underwriting practice to enable rapid growth.
Martin Magnone, co-founder and CEO of Tymit, said: “It’s exciting to be working with our funding partners as we bring Tymit to the market. Our product is a refreshing take on the traditional credit card, blending convenience with a new flexible and genuinely transparent experience.
“We’re looking forward to welcoming customers to Tymit and are confident that our approach will offer a level of control that will make it easier to make good spending choices.
“The credit card market has remained stagnant for too long, but with app-based banking more popular than ever - now is the time to offer real innovation.”