Overview: How Tymit make the right lending decisions, with speed and protection

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The fintech Tymit started from the belief of two brothers, Martin and Nico, that there should be a better, more budget-friendly way of financing purchases over time than using credit cards or loans.

The fintech’s entrepreneurial founders are from Latin America, where instalment-only credit cards are the norm. After working in financial services in Europe and the US for many years, they felt there was an opportunity to launch a similar style card in the UK.

Around five years ago, the opportunity to shake up the UK credit market became clear, with innovation in card and payment technology and a new willingness of consumers to trust alternative fintech providers enabling the brothers to reunite and launch their plans for Tymit.

Tymit is the first instant-issue, instalment-only credit card in the UK. It gives consumers the option to pay for every purchase in instalments or pay off their balance at the end of the month in full. Using an in-app purchase simulator, customers can see exactly how much interest they’ll pay and can make a plan to pay off their balance, rather than relying on revolving credit.