UK mobile-enabled credit card Tymit raises £4m
London-based mobile-enabled credit card provider Tymit has raised £4 million in a mixture of debt and equity funding to develop its product, but has not given details about the investors.
The “reinvented” credit card model says it doesn’t charge customers any fees, remains transparent over interest rates and allows users to pay for purchases “in three all the way up to 24 equal instalments”.
“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,” says co-founder and CEO Martin Magnone. He adds: “Our product is a refreshing take on the traditional credit card, blending convenience with a new flexible and genuinely transparent experience.”
One of the more unique features of the card seems to be the ability to bundle together purchases. If a Tymit user wants to go on holiday, they can bundle all their abroad purchases into one big repayment.
Credit limits can be between £500 and £15,000, and the annual percentage rate (APR) on items paid back in installments could be anything between 12% and 22.7%.
Repayments, including capitals and interest, appear in the Tymit app at the time of purchase.
The 2017-founded start-up is largely made up of engineers and product designers from large financial services such as PayPal and Santander.