CommuterClub

Last updated
CommuterClub
CommuterClub Company Logo.png
Type of site
 Private
Available inMultilingual
Headquarters London,
England
Area served England
Founder(s) Petko Plachkov, Imran Gulamhuseinwala, Irina Iovita
Key peoplePetko Plachkov (Founder)
Imran Gulamhuseinwala (Founder, Chairman)
Irina Iovita (Managing Director)
Services Financing, Travel, E-commerce
Employees10-50 (2016)
URL www.commuterclub.co.uk (Dead as of August 2023)
RegistrationYes
Launched2013;11 years ago (2013)
Current statusLiquidation [1]

CommuterClub (also known as Commuter Club) was a UK-based financial services company that provided loans for annual season tickets, allowing commuters to pay for them in monthly instalments. [2] CommuterClub was founded in 2013 by Petko Plachkov and Imran Gulamhuseinwala. Imran was honoured for his work in the FinTech industry in January 2017 in the Queen's Honour list with an OBE. [3]

Contents

On March 25, 2022, CommuterClub announced that it was ceasing sales to new customers and renewals to current customers, due to the effect of COVID-19 on the rail industry. [4]

In January 2023, the company was declared insolvent, and commencement of wind-up began on 28 February 2023. [5]

History

CommuterClub was founded by Petko Plachkov and Imran Gulamhuseinwala after they met while working in financial services at Resolution. [2] They found through a Freedom of Information request to TfL that fewer than 10% of the 2.5 million people travelling around the capital each day benefit from the savings of season tickets. [6] Following this finding, they created a monthly payment plan to offer access to annual season tickets for public transport. CommuterClub raised £2.3 million in a funding round in 2017, with backers including British tennis player Andy Murray. [7]

Corporate

CommuterClub also worked with SMEs to help them offer season tickets to staff as an employee benefit. CommuterClub automated the management of a season ticket scheme reducing cost and outsourcing traditionally payroll managed solution.[ buzzword ] Clients included Croydon Council, Airbnb and IntegraFin. [8]

Awards and recognition

CommuterClub was named Startup of the Week in Wired Magazine [2] as well as having won at the Startups Awards for Service Business of the Year [9] and the Everline Real Business Awards for Disruptor of the Year. [10] CommuterClub also made FinTechCity's FinTech 50 in 2015. [11]

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References

  1. ↑ "CommuterClub". 4 August 2023. Archived from the original on 4 August 2023. Retrieved 4 August 2023.
  2. 1 2 3 "Startup of the Week: CommuterClub". Wired UK. Retrieved 16 September 2015.
  3. ↑ "Members of UK tech community feature in New Year Honours list 2017". Tech City News. 3 January 2017. Archived from the original on 2 February 2017. Retrieved 23 January 2017.
  4. ↑ "CommuterClub". 28 March 2022. Archived from the original on 28 March 2022. Retrieved 28 March 2022.
  5. ↑ https://find-and-update.company-information.service.gov.uk/company/08549366/insolvency
  6. ↑ Jamie Dunkley and Lucy Tobin (1 July 2014). "On the Money: Travelcards just one way to cut commuting costs". Evening Standard. Retrieved 16 September 2015.
  7. ↑ Perez, Yessi Bello (30 October 2017). "UK FinTech startup CommuterClub gets £2.3m, partners with Revolut". UKTN. Retrieved 20 March 2022.
  8. ↑ Green, Harriet (24 October 2016). "Meet the travelcard tycoons plotting the future of mobility" . Retrieved 7 November 2016.
  9. ↑ "Winners 2014". Startups Awards by Startups.co.uk: Start up a successful business. Retrieved 16 September 2015.
  10. ↑ Hunter Ruthven. "50 of the most disruptive British businesses in 2015". realbusiness.co.uk. Archived from the original on 13 January 2016. Retrieved 16 September 2015.
  11. ↑ Lynsey Barber (2 February 2015). "London is home to Europe's hottest fintech startups as 24 of the FinTech50 come from the capital - City A.M." cityam.com. Retrieved 16 September 2015.

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