Commuter Club on track for more growth after £2.2m raise

by Startacus Admin

London-based Fintech Commuter Club, the leading independent UK retailer and financing provider of commuter season tickets, has raised £2.2 million in an investment round led by the Coutts Investment Club, in tandem with a fundraise on leading European investment platform Seedrs.

Aiming to save cash strapped consumers time and money by offering tickets as a digital subscription service, Commuter Club is the leading independent UK retailer and financing provider of commuter season tickets, having processed £70million+ in loans since 2014, helping over 20,000 customers save £10 million on their trip to work.

Founded in 2013 by two frustrated London commuters looking for ways to lower their commuting spend, CommuterClub was started in the belief that every penny saved on the trip to work, is a penny consumers can spend on what really matters. Currently, CommuterClub helps tens of thousands of UK commuters purchase their season ticket online and save time and money with its smart, low-cost subscription service.

Now, the London-based Fintech Commuter Club have raised £2.2 million in an investment round led by the Coutts Investment Club, in tandem with a fundraise on leading European investment platform Seedrs. 

The money raised will be used to evolve the Commuter Club platform, starting by introducing a new ticket finder tool to help commuters cut through the complexity of ticket fares that leads to over £500 million wasted each year by purchasing the wrong ticket.

Recent progress in the adoption of smartcards by network operators means Commuter Club will soon be able to bring all the benefits of smartcard technology to its customers, including automatic delay repay refunds.

Commuter Club also announces a new partnership with Premium Credit, the leading UK premium finance company, who will provide financing for the product alongside Zopa, one of the UK’s leading peer to peer lending businesses.

Once described as one of “the hottest FinTechs in Europe”, the startup has seen its revenue grow three times year on year since 2014, and was included in the Sunday Times Tech Track 100 as one of Britain’s fastest growing companies.

Irina Iovita, CEO of Commuter Club said: “Commuters have a right to cheaper and easier travel, so Commuter Club was founded to make this right a reality. Our unique tech platform makes the most cost-effective ticket, the annual season ticket, affordable to any commuter in the UK.

Now we want to do even more for UK commuters. Our goal is to become the go-to hub for all commuting needs with a diversified product offering helping commuters save time, money and hassle.”

If you like the sound of this subscription themed startup, you might also want to read up on: 

Holiday planning made easy thanks to new travel startup BRB, which is in essence the world’s first travel subscription company.

Drover offers all inclusive car subscriptions for everyday and private hire drivers across the UK.

 

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• #travel
• #fintech
• #seedrs
• #
• #trains
• #transport
• #finance

Published on: 23rd July 2019