Tymit, the mobile-enabled instalment credit card that gives customers the power to plan the way they pay, announced today that it has raised additional funding.
The undisclosed investment comes from VentureFriends, an early stage VC that has backed the likes of Plum and Belvo, and follows the £4m secured by Tymit last November.
Tymit is on a mission to reinvent the credit card by making it flexible, safe and honest - because the credit card as we know it is broken. With hidden fees, interest paid on interest and minimum payment traps, it’s been designed to keep revenues flowing at the expense of customers’ financial health. Of the 33m credit card holders in the UK today, 12m are either stuck on a revolving balance or only making a monthly minimum payment with no clear way out.1 As the UK’s credit card debt mountain nears £60bn, and as regulators set out to tackle ‘persistent debt’, a break with the old is vital to improving financial wellness.
Launched in December 2019, Tymit tackles the lack of transparency and control that defines traditional credit cards head on. Customers have the power to set their own repayment schedule for individual items, allowing them to avoid paying unnecessary interest by spreading their cost over 3, 6, 12 or 24 months. Tymit users can also simulate purchases before they buy and, with true costs made available up front, see how they will affect their bill. The fee-free, flexible approach taken by Tymit offers credit cardholders something truly unique: total transparency over what they owe and the power to plan the way they pay.
The fresh funds raised by Tymit will be used to fuel growth and build on a string of recent milestones. The London-based fintech has doubled its user base and loan balances over the past three months, while revenues have tripled over the same period. Thousands already use Tymit to plan, buy and pay in a way that supports better financial health, and the company has begun gearing up for its next phase of growth by extending its debt lines by £10m.
"Tymit has a bold ambition to reinvent the credit card and is in a unique position to do it,” said George Dimopoulos, Co-founder and Partner at VentureFriends. “Tymit’s offering brings a new kind of transparency to the industry and empowers the user by giving them control over their repayment schedule. This ground-breaking flexibility is why we’re Tymit users ourselves and so excited to join them on their journey.”
“We’re calling time on the traditional credit card,” said Martin Magnone, CEO and co-founder of Tymit. “Having VentureFriends on board will give our mission to reinvent credit a shot in the arm. With their support, we’ll be able to drive growth, reach more customers and show there’s a better alternative to the outdated, unfair credit cards consumers are stuck with today.”