UK credit card start-up Yonder secures £23.4m in fresh funding
Credit card fintech Yonder has raised £23.4 million in fresh funding as it looks to expand its operations beyond its domestic market of the UK.
Yonder raises £23.4m to power expansion
The funding round was co-led by RTP Global and Repeat (formerly Jigsaw VC) and attracted additional support from LocalGlobal, Seedcamp and Northzone.
Northzone previously joined hands with RTP Global to spearhead Yonder’s £62.5 million raise last year, through which the fintech secured £12.5 million in equity and £50 million in debt at a company valuation of over £70 million.
Announcing the raise via LinkedIn, Yonder says it has earmarked the funds to “grow our team, launch even better rewards and fast-track our expansion outside the UK”.
“With this new funding, we’ll be taking Yonder on tour and launching outside the UK by the end of next year,” the company says.
Founded in 2021 and launched in March 2022, Yonder offers a lifestyle rewards credit card and utilises open banking rather than traditional credit checks to build a picture of customers’ spending habits based on transactional data to offer users a more personalised experience.
Over the last year, the company says it has expanded its offering to include a free membership tier and also introduced Yonder Flights, allowing full members to put their reward points towards “any flight with any airline globally”.
Looking forward, Yonder says it anticipates “a busy couple of years” with plans to add “new partnerships with some of the world’s most iconic brands” alongside more features “to help you use credit responsibly”.
