Rewards credit card startup Yonder has successfully raised £23.4 million in its latest funding round, achieving a post-money valuation exceeding £100 million.
The funding was led by Dan Jones, an early investor in Revolut, through Repeat, along with contributions from RTP Global and Latitude.
Founded by three alumni from ClearScore, Yonder launched in 2022 with an initial £20 million in startup funding. The company seeks to address the challenges faced by expats with no credit history when applying for credit cards in the UK. By utilizing open banking data, Yonder creates a detailed and personalized understanding of its customers’ spending behavior and creditworthiness.
The recent investment will be used to enhance Yonder’s product offerings, facilitate expansion, and support hiring initiatives. Currently employing a team of 45, Yonder aims to grow its workforce to further its development.
This funding round comes after Yonder’s Series A fundraising of £12.5 million in equity and £50 million in debt in April 2023. This earlier capital injection allowed Yonder to double its team size, expand its rewards platform into new categories, and launch city-specific experiences in locations such as Manchester, Birmingham, Bristol, Bath, and London.
Yonder is experiencing impressive growth, with a year-on-year growth rate of 3x. Since its inception, members have spent nearly £200 million and engaged with Yonder’s experience partners over 60,000 times.
Tim Chong, Yonder’s CEO and co-founder, stated: “Since our Series A raise, we’ve grown steadily as interest in Yonder’s offerings for young people has surged. Whether you’re meeting friends for dinner in the city or planning a weekend getaway in Europe, our vision is for Yonder to be the all-in-one ecosystem that finds travel options, recommends hotels, and books restaurant tables for you – all accessible and redeemable through our app.”