CommuterClub secures £2.3m funding alongside crowdfunding campaign launch

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fintech insurtech wealthtech regtech ai cybertech esg news

UK-based public transport savings platform CommuterClub has secured a £2.3m investment round alongside the launch of its new Seedrs campaign.

The investment round was led by Washawan Capital, while other backers included Andy Murray, WorldPay UK CEO Peter Jackson, former LSE CEO Gavin Casey, and former London Stock Exchange CEO Chris Adelsbach.

CommuterClub offers consumers the ability to make fixed-monthly payments to get access to cheaper UK monthly train tickets. Founded in 2013, the platform allows commuters to save money on travel tickets.

Since 2014, the company has seen a YoY revenue growth of almost 5x. The company has helped to process more than £30m loans, helping its 10,000 customers save a combined total of over £3m.

The company has also launched its latest crowdfunding campaign. The company previous launched a crowdfund on Seedrs in 2015, where it secured £741,703. The company’s valuation at the time, pre-investment, was £2.5m.

Alongside the investment the company has agreed a new partnership with banking platform Revolut to help offer its customers rail ticket financing options. Revolut received its own wave of funding earlier this year, with the company securing a $66m investment to support its international expansion.

CommuterClub co-founder and managing director Petko Plachkov said, “Commuting in London and big cities is exorbitantly expensive, and this new fundraising campaign will allow us to grow and offer our simple and transparent instalment plan to consumers in the UK and overseas.

“This industry is ripe for further disruption. It seems unbelievable that 95 per cent of people still buy their season ticket offline. Consumers deserve more.”

This investment follows CommuterClub’s seed round in 2016, which saw the company raise £1.2m from several London-based angel investors.

Copyright © 2017 FinTech Global

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