Tymit Digital Credit Card

A lot of startups use them, then (like Monzo/Starling) they move in house when they acquire the relevant licences and knowledge from what I’ve seen.

It’s all getting a bit james bond…

Previously phillipines authorities were confused they couldn’t find the missing COO on CCTV boarding the plane to china… now it turns out there was no plane to china on that day, and the immigration records were falsified…

3 part tv mini series at some stage

Might be a film if this keeps going

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Season 1 - Ghosn with the wind, the Tokyo escape
Season 2 - From Philippines to Berlin, the Wirefraud

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The Mondo Beta prepaid card used Wirecard, but everyone was migrated across to a proper bank account ages ago.

It’s scary the sheer amount of fintech startups who are using the same vendors for some of this stuff. Admittedly I’m not that aware of how many options there are for the services that Wirecard offer…

But just crazy how many companies have been affected.

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It’s not uncommon for small companies to buy in things from other companies it’s not cost effective to do. Without wirecard (or something like it) many of these startups wouldn’t exist because of the cost of setting up all the card handling.

Over on the dozens forum, AC suggests bringing processing in-house is only financially reasonable above 1 million customers.

How many customers does Tymit have?

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Not 1 million, it seems

Just got this email:

We’re back! Your Tymit card will now work normally, both online and in physical locations. We’re so sorry for the temporary drop in card service and we’d like to take this opportunity to explain what happened and our future plans to mitigate this happening again.

This is what happened

On Friday the FCA decided to suspend our card issuer, Wirecard Card Solutions Limited (WDCS), from undertaking any regulated activity. This happened after the group company Wirecard AG filed for insolvency in Germany, earlier last week. WDCS does not hold any of our customers money (we are not a bank and do not hold deposits), but they do issue all Tymit cards. As a result, on Friday afternoon all Tymit cards stopped working at around 3pm UK time for purchases. This was without any advanced notice from WDCS or the FCA that this was going to happen.

Yesterday, following WDCS meeting several conditions laid out by the FCA, they were permitted to resume regulated activity. Therefore, at 00:01 this morning all Tymit cards began working as normal. To say the last 4 days have been a rollercoaster, would be an understatement!

What we are doing about it

We understand that the loss of card functionality is unacceptable and falls short of the expectations we aim to deliver to our customers. To ensure that this doesn’t happen in the future we are setting up mitigating capabilities with alternative providers. This will happen over the coming weeks and we’ll keep you updated on the progress.

We’d like to thank you so much for your patience and understanding during what has been a difficult and uncertain few days. As always, our team are on hand to help if needed, feel free to reach out directly from within the app.

Martin, Founder & CEO

So glad I bit the bullet a month ago and cancelled Tymit- not a good experience of Fintech!