We are excited to announce that the UK-based startup Tymit is joining the 365.fintech portfolio. Tymit is the first credit card - "reinvented" - which puts customers in complete control of their purchases from planning to execution.
Our investment comes as part of a seed+ round raised recently by Tymit with participation from Fasanara Capital, Venturefriends, Love Ventures and a suite of business angels.
Tymit is a London-based fintech startup that is building the next generation credit card experience to offer a quasi buy now pay later (BNPL) option to their clients everywhere where a Visa card is accepted. With their mobile-first credit card and a very transparent fee structure, Tymit is perfectly positioned to capitalize on the rapidly growing instalment loan sector and make short-term credit into a better experience for customers across the UK and Europe.
Tymit's CEO, Martin Magnone, said: "We're really excited to have 365.fintech come onboard as our latest investors. The team see the value in our mission to make credit fairer and recognise the unique opportunity Tymit has, to make it happen. They're sure to be a great support as we tackle our next phase of growth and we're thrilled to have them on the journey."
Unique take on the Buy Now, Pay Later vertical
The popularity of BNPL among consumers has translated into an increasing number of startups partnering with merchants and enriching their checkout process. Tymit, however, takes a different approach that is not solely dependent on merchant partnerships but allows them to onboard and own the customer relationship. This could prove to be crucial in competition for customer attention with the increasing proliferation of BNPL solutions in the marketplace.
Strong and experienced team
Tymit boasts a solid founding team with robust experience in the issuing and consumer credit space. The company is led by Martin Magnone, who previously spent many years advising world-leading credit card issuing companies at Bain. The senior leadership team; Nicolas (COO&CTO), Juan (CRO), Robustiano (CFO) all bring in significant experience in vital elements of Tymit's business spanning from payments, card platforms operations, credit risk and institutional financing.
Fairer Credit; large TAM
Lastly, as the size of the credit card market nears £60bn in the UK alone, we are convinced that Tymit has a good shot at disrupting the outdated credit card propositions and carving out a niche for itself in a massive global addressable market spanning accross countless borders.
Most importantly, Tymit has the potential to help their customers to get out of the revolving balance trap and persistent debt and meaningfully assist their customers in their financial lives. As per Tymit's fairer credit manifesto "For transparency and control, big credit's cards just don't cut it. We say it's time they put financial health first".
At 365.fintech we are excited to support Tymit in achieving this mission!