London-based mobile credit card company Tymit secures £4m in funding

Tymit, the London-based mobile-enabled credit card company, has secured £4m in a funding round, which it will use to develop its customer service offering.

The funding is a mixture of debt and equity funding, said Tymit, but did not give details about which institutions had provided the funding.

Martin Magnone, co-founder and CEO of Tymit, 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.”

Tymit added the funding would be "used to develop a world class servicing platform and underwriting practice to enable rapid growth".

Tymit claims to offer its customers "more flexibility" over purchases than traditional credit cards.

Purchases are either paid in full at end of the month or split into three, six, 12 or 24 equal monthly instalments. The repayments, including capitals and interest, are shown in Tymit’s app at the time of purchase.