People’s Champion Finalist: CommuterClub

Start-up name: CommuterClub
Founders: Petko Plachkov and Imran Gulamhuseinwala
Started in: 2013
Based in: London
Business description: Peer-to-peer lending service for public transport tickets

Shortlisted categories:

Innovative Business of the Year
Tech Business of the Year

The CommuterClub story:

After becoming frustrated at the cost of their London commute, entrepreneurs Imran Gulamhuseinwala and Young Gun Petko Plachkov decided to come up with a way to get a better deal on their commute.

This idea would translate to become CommuterClub; a business which allows UK commuters to access the discounts of an annual season ticket but paid over monthly instalments instead; saving commuters £500 on average. Customer instalment plans are funded via a partnership with peer-to-peer lending platform Ratesetter and customers also receive a range of “extra perks” such as discounts for Uber and Fitness First.

Intended to revolutionise the way commuters buy season tickets; a $5bn market, the financial technology (fintech) start-up has made major progress in the two years since it launched. It has seen its loan volume grow three times year-on-year, secured backing from Abellio, raised close to $2m in angel investment and crowdfunding, and has received a multitude of awards including Service Business of the Year at last year’s Startups Awards.

In recent months, the business has expanded its offering nationally, launched a second rail product, and also created a product aimed at helping small and medium-enterprises offer benefits to their staff.

Why CommuterClub made our 60:

It’s easy to see CommuterClub’s appeal; a service which not only saves people money on their daily commute but also provides added benefits such as cheap gym memberships and taxi journeys. Having rolled-out the service nationally, the business expects to double its loan volume again in 2016 – growth projections which make it a deserving Startups Awards finalist.

Where to find out more about CommuterClub:

Website: www.commuterclub.co.uk
Twitter: twitter.com/CommuterclubUK
Facebook: www.facebook.com/CommuterclubUK