UK-based mobile credit card company Tymit has raised £4m in a funding round to develop its customer service offering.

The debt and equity funding will also be used to develop an underwriting practice.

Tymit co-founder and CEO Martin Magnone said: “It’s exciting to be working with our funding partners as we bring Tymit 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.”

Leveraging its technology, Tymit provides customers more flexibility and control over their purchases compared to the traditional credit card.

Shopping bills can be paid in full at the end of the month without requiring paying any interest. Alternatively, the bill can be divided into three, six, 12 or 24 equal monthly instalments.

The details of the repayments, such as capital and interest, are displayed on Tymit’s app while shopping.

Tymit, which was established in 2017, also allows its cardholders to combine their shopping together that can be paid like one.