UK FinTech startup CommuterClub gets £2.3m, partners with Revolut
FinTech startup CommuterClub has raised £2.3m in a round led by Wadhawan Global Capital (WGC), an India-based financial services Group.
The London-based company is also backed by angel investors including Peter Jackson, CEO of Betfair; Gavin Casey, the former CEO of the London Stock Exchange; Chris Adelsbach, head of Barclays Techstars, and British tennis player Andy Murray.
CommuterClub seeks to help consumers save money by offering them commuter tickets as a digital subscription service.
Alongside the funding, the company is also announcing a new partnership with Revolut, which will enable the startup to offer rail ticket financing to its customers.
Petko Plachkov, CommuterClub’s co-founder and managing director, 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.
“It made perfect sense to partner with another innovative FinTech in this space, Revolut; together we will be able to reach many more consumers, saving them time and money.
“This industry is ripe for further disruption. It seems unbelievable that 95% of people still buy their season ticket offline. Consumers deserve more.”
Wadhawan Global Capital (WGC) chairman Kapil Wadhawan, commented: “We are excited about our investment in CommuterClub, a UK-based FinTech company which uses technology to enable convenience in the era of fast-age living.
“A disruptor, CommuterClub resonates with our group philosophy of empowerment through better management of finances. By saving commuters time and money, the company has made itself a household name in the UK. We hope to work alongside the team to help scale the business in UK and other parts of the world.
“The investment is in line with our objective of supporting new-age entrepreneurs by enabling them to seize the right opportunities. With three decades of experience in a market as diverse and dynamic as India, we believe that we have the capabilities to leverage such promising ventures with strategic and efficient guidance. At the same time, these associations help the WGC group remain relevant and competitive in the rapidly evolving FinTech space,” he concluded.
The startup was also co-founded by Imran Gulamhuseinwala, who recently received an OBE for his contribution to UK financial technology and is head of FinTech at EY.