Tymit, the new mobile enabled credit card, has secured £4 million worth of debt and equity funding.
The money will be used develop a customer servicing platform and underwriting practice to enable rapid growth.
The London-headquartered startup offers customers more flexibility and control over their purchases than a traditional credit card through its proprietary technology.
Purchases are either paid for in full at the end of the month - interest free - or they are split into three, six, 12 or 24 equal monthly instalments. The repayments, including capital and interest, are shown in Tymit’s app at the time of purchase.
The concept has proved popular, with thousands of people currently on the waiting list.
Co-founder and chief executive Martin Magnone said: “Our product is a refreshing take on the traditional credit card, blending convenience with a new flexible and genuinely transparent experience.
“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.”
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