We have BIG news: we've got a new investor 🎉
VentureFriends is backing our mission to reinvent credit.
It’s a big day at Tymit HQ. 😃
We’re excited to announce that a new investor is backing our mission to reinvent the credit card!
Welcome, VentureFriends 👏
VentureFriends is an early stage VC set up by entrepreneurs. As well as funding 35+ startups to date, they’ve built businesses themselves. So we’ll be able to tap into this experience to help Tymit grow. And while the exact details of the investment are under wraps for now 🤫, we can say we’re in good company.
The team at VentureFriends have already gotten behind Plum, one of the UK’s leading money management apps, and Belvo, a rising star in banking tech. We’re chuffed to be added to the VF portfolio alongside two other fintechs making waves.
Explaining why they chose to back us, VentureFriend’s Co-founder, George Dimopoulos, said: “Tymit brings a new kind of transparency to the industry and empowers users by giving them control over their repayment plan. This ground-breaking flexibility is why we’re Tymit users ourselves and so excited to join them on their journey.”
Tymit is taking off 🚀
VentureFriends coming on board tops off a string of wins for team Tymit. 🏆
- We’ve doubled the number of Tymit users over the past two months, giving thousands more customers the power to plan the way they pay with our super flexible credit card.
- Loan balances have doubled too. Spending is up because more of our customers are feeling the benefit of instalment-based credit that puts them in control. We’re sure charging zero fees also helps. 😉
- And we’ve started prepping for our next phase of growth by extending our debt lines by £10m, ready to cover another jump in customer spending.
But we’re just getting started, and the new investment will really help us kick things into high gear.
Our CEO, Martin, had this to say: “Having VentureFriends on board will give our mission to reinvent credit a shot in the arm. With their support, we’ll be able to drive growth, reach more customers and show there’s a better alternative to the outdated, unfair credit cards consumers are stuck with today.”
Staying focused on the mission 🎯
A new backer is big news for any startup. But for team Tymit it all comes back to the mission.
There are 33m credit card holders in the UK today, and 12m of them are either stuck on a revolving balance or just about managing to make their monthly payments – with no clear way out of debt.
Hidden fees and interest piled on top of interest make it even harder. It’s no surprise the national credit card debt mountain is almost £60bn.
This can’t go on. And it won’t, if we have our way. We’re tackling the lack of transparency and control of outdated credit cards head on.
And with VentureFriend’s support, we can give more people access to credit that is flexible, safe and honest. ✌️