Tymit Ltd. was founded in 2017 with the goal of creating more flexibilty in credit cards. Since its beginning, it has worked to revolutionize traditional credit card services and address the lack of transparency and control these provide.
With their long-standing monopoly and reliance on old technology, big banks have not given much thought to providing a great user experience. You see this in the usability of their websites and apps, but it goes beyond that. Traditional credit cards offer consumers almost no control or transparency, which can cause problems. When making a purchase, it is virtually impossible to anticipate the total charges; consumers only find out the real cost months later when reviewing their statements. And, once there is a balance accruing interest, banks provide almost no help in planning repayments. In the UK alone, there are 33 million credit cardholders, 12 million of whom do not pay their balance in full.
Tymit wanted to provide a fast, intuitive interface that puts the consumer in control and helps them make better decisions about spending. The company’s app gives consumers transparency over card transactions by breaking down purchases into equal monthly payments. Consumers are able to plan spending, see the true total cost of any transaction, and avoid unnecessary interest by choosing how and when to repay purchases. The card is issued by Wirecard in both virtual and plastic form and can be used at over 53 million merchants worldwide where Visa is accepted.
To make Tymit’s vision of straightforward, fairer credit card services a reality, the London-based FinTech needed a partner who could issue the card and support with technical features such as processing, card management, and fraud prevention.