Co-founder Petko Plachkov
The London-based fintech start-up will use the funding to help change the way commuters pay for their trip to work.
CommuterClub, a London-based fintech start-up, has announced it has raised £2.3m ahead of a new crowdfunding campaign on Seedrs which launches today (30 Oct).
The funding round was led by Wadhawan Global Capital (WGC), a leading Indian Financial Services Group.
CommuterClub is also backed by angel investors Peter Jackson, CEO of Betfair, Gavin Casey, former CEO of the London Stock Exchange, Chris Adelsbach, head of Barclays Techstars, and former World No 1 tennis player Andy Murray.
The business was founded by Petko Plachkov, a former McKinsey consultant and Imran Gulamhuseinwala, who recently received an OBE for contribution to UK fintech and is head of fintech at EY.
It is now the leading independent UK retailer and financing provider of commuter season tickets, saving cash-strapped consumers time and money by offering tickets as a digital subscription service.
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.”
CommuterClub has seen its revenue grow almost 5x year-on-year since 2014. The business has processed over £30m loans, helping its 10,000 customers to save more than £3m on their commute.
The company was also recently included in the Sunday Times Tech Track 100 as one of Britain’s fastest growing companies.