Tymit, which offers a credit card supported by a mobile app, has collected £4m in its funding round.
Investors of the round were not disclosed; however, the investment was made up of both debt and equity.
Capital from the round will be used to enhance its customer servicing platform and underwriting practice.
The London-headquartered startup offers a credit card that boasts more flexibility and control over purchases. A user can choose to pay off their bills in full at the end of each month – interest free – or they can split them into three, six, 12 or 24 equal monthly instalments. Repayments and interest are clearly displayed on the app.
To further help consumers with their spending, the app displays an overview of repayments to help them budget, they can also bundle purchases together and will receive an alert whenever the card is used.
Tymit co-founder and CEO Martin Magnone 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.”
The success of the UK’s FinTech space has been well documented over the past few years. With more than £12bn in funding having been deployed to the country, it is safe to say there is huge appetite for startups.
Payments and remittances is the sector which leads the way for the UK’s FinTech space, representing 16% of the 1,343 transactions to be completed since 2014.