Yonder, a credit card startup company and Startups 100 alumni, has recently announced that it has received a new round of Series A funding to help it continue to grow and scale the business.
The Series A funding, to the tune of $62.5 million, was co-led by Northzone and RTP Global alongside angel investors Joseph Moore, founder of Crust Bros, and Cred founder Kunal Shah, who join a host of existing investors, including Sharmadean Reid, Matt Robinson and Rio Ferdinand. The startup is now valued at more than £70m.
The finance-made-easy disruptors of 2023
Numerous companies have emerged in recent years to challenge the ‘old ways’ of finance, and disrupt and revolutionise the industry. These businesses are seeking to make people’s lives easier with clever, tech-based solutions, whether by offering quick and straightforward mortgage applications or taking the pain out of tax time.
Yonder is making a name for itself as one of those key disruptors.
Since its founding in March 2022, Yonder’s unique take on loyalty rewards was designed to re-introduce millennial and Gen Z consumers to credit cards, and to become the modern lifestyle rewards solution for young consumers to unlock the best experiences in their city.
The business began after founders Tim Chong, Theso Jivajirajah and Harry Jell were shocked by the difficulty of accessing quality credit products as Australian citizens in London, despite having stable incomes themselves.
The London-based startup wants to make credit more accessible, particularly for younger customers. Aiming to revolutionise what its founders describe as the “archaic” method of credit checks in the UK, Yonder is one of the UK’s only credit cards that use Open Banking to evaluate credit suitability.
This enables Yonder to build a more nuanced, personalised picture of its customers’ spending habits based on transaction data, instead of relying on traditional credit checks alone.
Yonder CEO & Co-founder Tim Chong says: “The credit market needs a rebuild, and we firmly believe change happens through intuitive products designed to help customers with their best interests at heart. We can’t wait for more people to experience credit the way it should be.”
The future for Yonder
Following this new round of funding, Yonder has stated that it plans to use the investment to power a hiring drive; to grow its rewards programme, and to expand into new UK cities.
Northzone Partner, Jeppe Zink, says: “We are thrilled to continue to be part of the Yonder journey as young professionals eagerly seek a cutting-edge digital credit card that delivers not only enhanced customer convenience but also genuine relevance. Yonder addresses this need by establishing an exclusive membership club for a community of like-minded individuals. The impressive early engagement metrics are a testament to the exceptional potential Yonder holds.”
Overall, this new funding is a major win for Yonder and its investors, as it will allow the company to continue to grow and expand its business in a highly competitive industry.
Yonder has now raised a total of £82.85M from VC funds.
They plan to extend their round to reward its early-stage members through a private crowdfund that will be going live in April.
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