Tymit, a pioneer in the instalment credit industry, announced a strategic partnership with Visa, the global leader in payment solutions. This collaboration aims to expedite the adoption of instalment credit amongst large financial institutions and merchants in the UK and Europe by enabling them to offer co-branded and white-labelled instalment credit programs powered by Tymit.
Founded in 2017, Tymit has been revolutionising the industry by powering instalment programs for renowned merchants like Frasers Group with Frasers Plus. Building upon this success, Tymit is now focused on providing its capabilities to enable co-branded and white-labelled instalment credit programs for large financial institutions and merchants.
“Our partnership with Visa signifies a significant milestone for Tymit as we empower financial institutions and merchants to swiftly and cost-effectively bring instalment credit solutions to market,” said Martin Magnone, CEO and Co-founder of Tymit. “With our proven track record and expertise in instalment credit, we are poised to meet the needs of the industry by offering innovative co-branded instalment credit cards and white-labelled instalment credit programs.”
Tymit’s instalment credit solutions offer an attractive alternative to traditional credit card and BNPL programs, specifically tailored to address the evolving payment pain points faced by merchants and consumers. Recent studies have shown that merchants worry about losing control over their customer base, paying excessive fees, lacking adequate affordability checks, and having no protection against fraud, highlighting the market need for forward-thinking financial institutions and merchants.
By collaborating with Tymit, financial institutions and merchants gain access to cutting-edge technology and expertise, allowing them to create co-branded credit card programs with instalment options. This strategic move positions Tymit as a viable option for merchants seeking traditional credit card programs while offering the added advantage of buy now, pay later capabilities (BNPL). With the backing of Visa’s global network and payment expertise, the partnership between Tymit and Visa is set to accelerate the growth of instalment credit programs.
“We are excited to partner with Tymit to provide our clients with innovative solutions that address the pressing challenges faced by the industry,” said Federico Sanavio, Credit Products Solutions & Partnerships at Visa. “This collaboration will empower financial institutions and merchants to meet the changing needs of their customers, offering greater flexibility on card payments whilst enabling an embedded finance ecosystem.”
Read the orginal article: https://www.eu-startups.com/2023/07/london-based-fintech-tymit-becomes-a-visa-partner-to-spread-its-white-labelled-instalment-credit-solutions/
