The transport finance startup has now lent over £70m to 20,000 commuters for season tickets.
The Queen’s bank Coutts has backed a £2.2m Seedrs funding round in transport finance upstart Commuter Club.
The round was joined by Thesaurium Capital, existing angel investors Chris Adelsbach and Peter Jackson (of Flutter Entertainment), and over 600 other crowdfunding investors.
Commuter Club lends to consumers to purchase costly annual season tickets which offer savings over weekly or monthly tickets.
Since 2014 the company has lent over £70m to over 20,000 consumers to purchase season tickets.
“Coutts were delighted to lead the latest investment round for Commuter Club,” said Hans Prottey, who heads the Coutts Investment Club.
“They have a unique proposition and industry connectivity, bolstered by an experienced Board and management team. We like how they’ve solved an everyday issue with an innovative and intuitive solution.”
Coutts Investment Club is a group which introduces the bank’s experienced clients to “private company investment opportunities” – it’s unclear whether Coutts bank itself has equity in Commuter Club.
Irina Iovita, CEO of Commuter Club, said the money raised will be used to introduce a new ticket finder tool and develop Commuter Club’s own smartcard for use on several train lines across the country.
“Commuters have a right to cheaper and easier travel, so Commuter Club was founded to make this right a reality. Our unique tech platform makes the most cost-effective ticket, the annual season ticket, affordable to any commuter in the UK.”