Top new businesses of 2014: CommuterClub
The lending service helping London’s commuters save money on season tickets…
Founder: Petko Plachkov and Imran Gulamhuseinwala
Launched: January 2014
A business which sounds almost too good to be true, CommuterClub enables commuters to unlock the savings of an annual travelcard without having to pay thousands of pounds upfront or committing to a 12 month contract.
The brainchild of young entrepreneur Petko Plachkov and Imran Gulamhuseinwala, the platform works in partnership with peer-to-peer lender RateSetter to enable passengers to pay for their season ticket in flexible monthly instalments backed by a loan with a 5.6% rate of interest. What’s more the service isn’t restrictive; users can opt out at any time without penalty and a courier will come and collect the card.
Said to save travellers up to £300 a year, it’s easy to see why the start-up appeals to consumers and the offering even extends to other innovative businesses in the space with members gaining access to exclusive deals and discounts from the likes of Hello Fresh, Time Out and Uber. The business has also got some stellar support from industry leaders with serial entrepreneur Will Becker; the European managing director of Advertising.com which sold to AOL Time Warner for $435m, acting as company advisor.
With train prices set to increase in 2015 and the UK season ticket market now estimated at over £4bn, CommuterClub looks set to achieve big things in the year ahead. With plans to extend its service outside of London, business travellers, watch this space…