|By PR Newswire||
|July 30, 2014 02:00 AM EDT||
LONDON, July 30, 2014 /PRNewswire/ --
- Low cost financial plan for public transport season ticket, transforming them into cheaper, more convenient subscription service funded via peer-to-peer credit
- Successful angel fund raise of close to $1mn, initially targeting London transport with plans to expand across the UK and in international market
CommuterClub reinvents how commuters access public transport; transforming the traditional season ticket into a subscription plan. Enabled by peer-to-peer lending, CommuterClub allows commuters to spread the large upfront cost of season tickets into monthly instalments, making them affordable and convenient for busy commuters. CommuterClub is available today to all Londoners after a successful beta.
The London start-up aims to tackle the growing burden of commuting for urban dwellers, through disruptive financial engineering. In London, commuters spend well over £1,500 on average on travel; yet of the capital's 2.5 million commuters who could save with a season ticket, less than 10% actually bought one. This is despite annual savings of £200 versus the next cheapest ticket the Monthly.
Petko Plachkov, Founder and MD of CommuterClub: "Commuting costs are a big burden on urban workers, taking as much as 20% of income. We want to help by delivering a cheaper, easier and more convenient version of the season ticket that all commuters can afford.
The season ticket market in the UK is worth almost £2bn and has hardly changed in decades despite innovations such as smartcards. We use the digital ticket as a platform to transform the way consumer access public transport. Our inspiration was to make it as easy and convenient as Netflix."
CommuterClub designed a product to meet the needs of commuters
- Big savings: 10% cheaper compared to next cheapest ticket, the Monthly. Further savings from partner offers such as Uber and Time Out
- Convenient: Pay for public transport via safe and hassle-free Direct Debits
- Low cost: All in interest of just 5.6% with no hidden fees
- Flexible: Easy cancellation with no lock-up or penalties
CommuterClub works with smartcard tickets to reduce risk and lower interest cost, meaning commuters keep more of the savings of season tickets. This innovative approach has enabled CommuterClub to process close to $1mn in loans with acceptance rates of 90% and no credit losses. For financing, CommuterClub decided to bypass the traditional banking system and work with RateSetter, the UK's largest peer-to-peer lending platform by monthly volume, to fund all customers. CommuterClub works with one of the UK's biggest transport operators, Abellio, who issue all tickets.
The company has raised close to $1mn in angel funding and is backed by leaders in the financial space including Kevin Reynolds, (BridgePoint, Pret-a-Manger, Tilney, 1st Credit) and Will Becker, founder of the UK's leading credit card comparison website Totally Money.
Notes to editors
- Based on Freedom of Information requests submitted to TfL
- Based on TGI Survey 2014 Q2
- Season tickets are priced across the UK to a formula of 1 Annual = 10.4 Monthly = 40 Weekly
- Based on analysis of HMRC Income Statistics compared against cost of year's commuting
- Based on Office of Rail Regulator analysis
CommuterClub wants to transform how commuters access public transport tickets, offering a low cost financial plan for the season ticket to make it more affordable, convenient and suited to modern consumers.
CommuterClub allows commuters to spread the large upfront price into affordable monthly payments, transforming access to public transport into a subscription model, 'a Netflix for commuters'. CommuterClub is enabled by the growth of smartcard tickets and peer-to-peer funding to offer the lowest possible cost directly to consumers.
CommuterClub was founded by two frustrated Londoners, Petko Plachkov and Imran Gulamhuseinwala looking for ways to lower their commuting costs. Since Jan 2014, CommuterClub has processed close to one million dollars in loans helping hundreds of Londoners save on their commute.
CommuterClub is authorised and regulated by the Financial Conduct Authority and is based in London. CommuterClub works in partnership with Abellio Corporate Travel to source season tickets and RateSetter to fund loans.
For more information, please contact: Petko Plachkov, Founder and MD - CommuterClub, L: +44(0)203-735-5602, [email protected]
In his session at Cloud Expo, Robert Cohen, an economist and senior fellow at the Economic Strategy Institute, provideed economic scenarios that describe how the rapid adoption of software-defined everything including cloud services, SDDC and open networking will change GDP, industry growth, productivity and jobs. This session also included a drill down for several industries such as finance, social media, cloud service providers and pharmaceuticals.
Dec. 7, 2016 03:48 PM EST
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
Dec. 7, 2016 03:45 PM EST Reads: 2,239
You have great SaaS business app ideas. You want to turn your idea quickly into a functional and engaging proof of concept. You need to be able to modify it to meet customers' needs, and you need to deliver a complete and secure SaaS application. How could you achieve all the above and yet avoid unforeseen IT requirements that add unnecessary cost and complexity? You also want your app to be responsive in any device at any time. In his session at 19th Cloud Expo, Mark Allen, General Manager of...
Dec. 7, 2016 03:30 PM EST Reads: 1,761
Successful digital transformation requires new organizational competencies and capabilities. Research tells us that the biggest impediment to successful transformation is human; consequently, the biggest enabler is a properly skilled and empowered workforce. In the digital age, new individual and collective competencies are required. In his session at 19th Cloud Expo, Bob Newhouse, CEO and founder of Agilitiv, drew together recent research and lessons learned from emerging and established compa...
Dec. 7, 2016 02:30 PM EST Reads: 935
"IoT is going to be a huge industry with a lot of value for end users, for industries, for consumers, for manufacturers. How can we use cloud to effectively manage IoT applications," stated Ian Khan, Innovation & Marketing Manager at Solgeniakhela, in this SYS-CON.tv interview at @ThingsExpo, held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 7, 2016 02:30 PM EST Reads: 4,303
Enterprise IT has been in the era of Hybrid Cloud for some time now. But it seems most conversations about Hybrid are focused on integrating AWS, Microsoft Azure, or Google ECM into existing on-premises systems. Where is all the Private Cloud? What do technology providers need to do to make their offerings more compelling? How should enterprise IT executives and buyers define their focus, needs, and roadmap, and communicate that clearly to the providers?
Dec. 7, 2016 02:24 PM EST Reads: 223
"Coalfire is a cyber-risk, security and compliance assessment and advisory services firm. We do a lot of work with the cloud service provider community," explained Ryan McGowan, Vice President, Sales (West) at Coalfire Systems, Inc., in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 7, 2016 02:15 PM EST Reads: 947
Financial Technology has become a topic of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 20th Cloud Expo at the Javits Center in New York, June 6-8, 2017, will find fresh new content in a new track called FinTech.
Dec. 7, 2016 02:15 PM EST Reads: 2,189
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, discussed the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They also reviewed two "free infrastructure" pr...
Dec. 7, 2016 02:15 PM EST Reads: 1,107
Information technology is an industry that has always experienced change, and the dramatic change sweeping across the industry today could not be truthfully described as the first time we've seen such widespread change impacting customer investments. However, the rate of the change, and the potential outcomes from today's digital transformation has the distinct potential to separate the industry into two camps: Organizations that see the change coming, embrace it, and successful leverage it; and...
Dec. 7, 2016 02:15 PM EST Reads: 3,376
"Dice has been around for the last 20 years. We have been helping tech professionals find new jobs and career opportunities," explained Manish Dixit, VP of Product and Engineering at Dice, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 7, 2016 01:45 PM EST Reads: 1,103
Get deep visibility into the performance of your databases and expert advice for performance optimization and tuning. You can't get application performance without database performance. Give everyone on the team a comprehensive view of how every aspect of the system affects performance across SQL database operations, host server and OS, virtualization resources and storage I/O. Quickly find bottlenecks and troubleshoot complex problems.
Dec. 7, 2016 01:30 PM EST Reads: 2,144
SYS-CON Events announced today that Dataloop.IO, an innovator in cloud IT-monitoring whose products help organizations save time and money, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Dataloop.IO is an emerging software company on the cutting edge of major IT-infrastructure trends including cloud computing and microservices. The company, founded in the UK but now based in San Fran...
Dec. 7, 2016 01:30 PM EST Reads: 393
"We are a custom software development, engineering firm. We specialize in cloud applications from helping customers that have on-premise applications migrating to the cloud, to helping customers design brand new apps in the cloud. And we specialize in mobile apps," explained Peter Di Stefano, Vice President of Marketing at Impiger Technologies, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 7, 2016 01:24 PM EST Reads: 219
Rapid innovation, changing business landscapes, and new IT demands force businesses to make changes quickly. In the eyes of many, containers are at the brink of becoming a pervasive technology in enterprise IT to accelerate application delivery. In this presentation, attendees learned about the: The transformation of IT to a DevOps, microservices, and container-based architecture What are containers and how DevOps practices can operate in a container-based environment A demonstration of how ...
Dec. 7, 2016 12:45 PM EST Reads: 1,078