Tymit, a London-headquartered mobile-based credit card service provider, has raised £4 million (appr. $5.2 million) via a combination of debt and equity financing, in order to create its products. The company has not disclosed any details regarding its investors.
Tymit’s official website notes:
“A credit card from a tech company, not a Bank. Fintech credit is still in its infancy, but growing rapidly and Tymit will be at the forefront of the credit card revolution!
At Tymit our mission is to reinvent the credit card to make it honest, safe, and more transparent, so customers can achieve peace of mind when managing their borrowing. To deliver this, we have built an elegant and very intuitive app that enables our customers to spread the cost of any purchase across 3 to 24 monthly instalments.”
Tymit’s “reinvented” credit card model does not require customers to pay any fees. The company says the new model is more transparent regarding interest rates. Tymit’s credit card also provides greater flexibility as it lets users make payments “in three all the way up to 24 equal installments.”
Martin Magnone, co-founder and CEO at Tymit, stated:
“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. Our product is a refreshing take on the traditional credit card, blending convenience with a new flexible and genuinely transparent experience.”
The credit card’s features reportedly include the ability to bundle or combine payments for different purchases. For example, if a Tymit card user is going on a vacation, they have the option of bundling all their holiday purchases into one large repayment.
The company says its credit limits can be anywhere from £500 to £15,000. The annual percentage rate (APR) on purchases paid back through installments is between 12% and 22.7%.
Repayments such as interest charged and capitals are viewable from the Tymit app when items are purchased.
Established in 2017, Tymit’s employees are mostly product designers and engineers from large financial companies, including Santander and PayPal.