Key Data

• Trading Name: Tymit
• Legal Entity: Tymit Ltd
• Activities: Small Payment Institution
• Location: London, UK
• Regulations: authorized by the Financial Conduct Authority (FCA) and Payments Service Regulator (PSR) as a Small Payment Institution.
• Key People: founded in 2017 by Martin Magnone (linkedin) and his brother Nicolas Magnone Ballefin (LinkedIn)

Offering

Tymit is a credit company that offers traditional credit cards and a “buy now, pay later” service managed through an app.

With their credit card, users can set up multiple installment payment plans in addition to everyday expenses, so they don’t have to pay interest on some purchases and can control their borrowing for others.

Purchases for which an installment plan is not chosen must be paid for the next month.

Users of Tymit can choose to pay off the cost of each transaction over three, six, 12, or 24 months in equal installments at interest rates ranging from 12% to 22.9%. Interest is calculated and applied to individual installments rather than the total balance.

The B2B2C strategy aims to help merchants launch their own branded buy now, pay later (BNPL) credit programs. This allows merchants to benefit from the financing channel while having the customer and data insights in hand.

Currently (October 2022), the company has over 40,000 active users and processed £75 million in transactions in the last 12 months.

Conclusion

We rate the company on Green since we have not identified any severe complaints.