Tymit CEO, Martin Magnone, recently commented on the announcement of the Fintech firm’s series A funding round.
Martin Magnone noted that when his brother, Nicolas Magnone Ballefin and he founded Tymit, they had “a simple vision in mind: [they] wanted to create a credit card that helped people make smarter financial decisions.”
With years of industry experience behind them, they “understood the traditional model inside out, so we knew it ran in the opposite direction.”
As mentioned in the update, “confusing charges, interest on interest, no plan to pay off your balance… It all amounted to a horrible customer experience that the big players had no incentive to change, so we set out to build something better ourselves.”
Since then, everything they’ve done at Tymit “has been underpinned by the belief that credit is an enabler of people’s lives.”
It can help you “achieve your goals and do more of what you love, but only when it works for you, not against.”
Their mission to “give people the self-confidence to live life to the fullest by offering them credit that’s smart, flexible and honest” was the driving force behind their launch of the world’s first installment credit card.
Looking back, the company’s CEO claims he is “proud of what Team Tymit have achieved together.”
Launching their merchant proposition
People love “paying in installments.” Their customers “all tell the same story: they want to feel in control of their finances – and the flexibility and transparency that Tymit installments offer gives them that peace of mind.”
Of course, the revolution in installments “has been taking place beyond the walls of Tymit HQ, too. You don’t have to be a fintech follower to have noticed the Buy Now, Pay Later boom.”
Millions of UK consumers “have turned their backs on Old Credit in favor of the convenience and transparency of spreading the cost of a purchase at the point of sale.”
The firm’s CEO added:
“Still, it’s clear to myself and the team at Tymit that the promise of instalments has become wrapped up in a model that doesn’t always have the best outcomes for people or merchants. Too many of the ingredients that people need to feel in control are missing, from robust affordability checks and the ability to change payment plans to the protections that come with full regulation. Merchants are being squeezed, too, both in terms of the high fees they pay and their customer relationships, with BNPL players competing to become ‘the only shopping app you’ll ever need.’”
He also mentioned:
“Both people and merchants deserve better. Brands should be able to offer the instalment experiences they need to stay relevant without having to carve a chunk out of every basket and drive a wedge between them and their customers. People should be able to pay in instalments with their favourite brands – with all the safeguards in place that only a fully regulated offering with control at its core can provide.”
He further noted:
“That’s why our Series A announcement is a dual milestone. On the one hand, it represents a vote of confidence in the product we’ve built and the Tymit growth story. On the other, it marks the launch of our instalment program proposition for merchants, offering them all the benefits of BNPL under their own brand for free, with data-driven customer insights and loyalty capabilities on top.”
He continued:
“We still believe that Old Credit is in decline – the traditional revolving credit card’s days are numbered as more and more people reject a model that wins when they lose. Tomorrow’s consumer will want the convenience, flexibility, and transparency that come along with paying in instalments.”
He concluded:
“But the future doesn’t belong to BNPL 1.0. There’s clear demand for an alternative, one that gives greater control to both merchants and their customers, and that’s what we’re committed to providing. With our series A funding, we’ll be able to deliver on this vision by staying at the forefront of innovation while expanding our partnership capabilities. I’d like to thank everyone at Tymit, our existing investors, and the newest to join us on our journey, Frasers Group..”