London-based FinTech firm Commuter Club has raised £2.2m.
Founded by Petko Plachkov in 2013, it offers software to allow businesses and individuals to manage season ticket travel schemes.
The new funds will be used to evolve the firm’s platform, beginning with a new ticket finder tool for complex fares and new smartcard tech which includes automatic delay repay refunds.
The investment round was led by the Coutts Investment Club, in tandem with a campaign on crowdfunding platform Seedrs.
Thesaurium Capital and existing angel investors Chris Adelsbach (former Head of TechStars) and Peter Jackson (CEO at Flutter Entertainment Plc) have also come in on this round.
Commuter Club also announces a new partnership with Premium Credit, who will provide financing for the product alongside peer to peer lending businesses Zopa.
Plachkov, a former McKinsey consultant, co-founder the company with Imran Gulamhuseinwala, former head of FinTech at EY, whose contributions to UK FinTech earned him an OBE.
Irina Iovita, CEO of the company said: “Commuters have a right to cheaper and easier travel, so Commuter Club was founded to make this right a reality. Our unique tech platform makes the most cost-effective ticket, the annual season ticket, affordable to any commuter in the UK.
“Now we want to do even more for UK commuters. Our goal is to become the go-to hub for all commuting needs with a diversified product offering helping commuters save time, money and hassle.”