The company helping London’s commuters save money on season tickets
Founders: Petko Plachkov and Imran Gulamhuseinwala
Founded: May 2013
With the cost of an annual season ticket upwards of £2,000 from a London suburb, and less than 10% of commuters buying one last year, Petko Plachkov knew there had to be a better solution. Armed with an idea that he felt was too good to ignore, Plachkov interrupted his MBA in America to launch CommuterClub – a cost-saving solution allowing people to access the discounts of an annual season ticket, but pay for it in monthly installments.
The company claims to provide discounts of up to 30% compared to weekly or monthly tickets, and more than 5,000 hard pressed customers have already benefited from the service, which is aiming to achieve 10-20% penetration of the UK season ticket market in the next two-three years.
No surprise then that CommuterClub has seen rapid growth since launch, with an already impressive turnover of £2m in 2014, and projections to increase revenues to an epic £15m for 2015. Using the $2m in funding raised so far, the Startups Awards winning company will seek to capitalise on the introduction of smartcards in several UK cities, allowing it to extend its service to Birmingham and Manchester over the next 12 months. It also has ambitious plans to expand into new verticals and the US market.