Credit card start-up Yonder bags £62.5m in equity and debt funding
UK-based credit card fintech Yonder has secured £12.5 million in equity and £50 million in debt as part of its Series A funding round.
Yonder raises £62.5m in equity and debt funding
The round was co-led by Northzone and RTP Global and featured participation from a number of angel and existing investors.
The fresh funding gives Yonder a post-money valuation of more than £70 million.
Founded in 2021 and launched in March last year, Yonder offers a lifestyle rewards credit card targeting young consumers. The firm makes use of open banking to build a personalised picture of customers’ spending habits based on transactional data, as opposed to using traditional credit checks. The card also offers travel insurance and no spending fees when travelling abroad.
“We’ve built Yonder as a key to the city for young professionals, which encourages responsible use of credit while helping them to unlock more value from their spending,” says Yonder CEO Tim Chong.
“The response so far has proved to us that we’ve built something that consumers really want, and signals a shift in the way consumers want to use and engage with credit.”
With the new funding, Yonder plans to double the size of its team and expand its credit rewards offering to new verticals such as sport, fitness and theatre.
The company also plans to extend its Series A funding to early-stage members through a private crowdfund due to go live this month.
