London-based mobile-enabled credit card company Tymit has secured £4m through a combination of debt and equity funding.

The investors, which were not disclosed, will provide the capital to allow the firm to further develop its customer service offering.

Tymit offers purchases which can either be paid in full at end of the month or split into three, six, 12 or 24 equal monthly instalments.

The repayments, including capitals and interest, are shown in the firm’s app at the time of purchase.

The firm claims that it has thousands of people on a waiting list for its app.

Martin Magnone, co-founder and CEO of the company said it was an exciting time to bring the app to the market.

“Our product is a refreshing take on the traditional credit card, blending convenience with a new flexible and genuinely transparent experience.

“We’re looking forward to welcoming customers to Tymit and are confident that our approach will offer a level of control that will make it easier to make good spending choices.

“The credit card market has remained stagnant for too long, but with app-based banking more popular than ever – now is the time to offer real innovation.”