Rewards credit card startup Yonder has raised £12.5 million in equity and secured a £50 million credit line to enhance its operations.
The funding round was co-led by Northzone and RTP Global, with contributions from angel investors Joseph Moore, founder of Crust Bros, and Kunal Shah, founder of Cred. They joined a group of existing investors, including Sharmadean Reid, Matt Robinson (GoCardless), and Rio Ferdinand. This funding has resulted in a post-money valuation exceeding £70 million.
Founded by three alumni from ClearScore and launched in 2022 with £20 million in initial funding, Yonder addresses the challenges that expats face when applying for credit cards in the UK, particularly those with no credit history. The company leverages open banking data to create a detailed and personalized understanding of its customers’ spending habits and creditworthiness.
Yonder plans to utilize the investment to expand its team to 35 members, broaden its credit rewards offerings into new areas such as sports, fitness, and theatre, and launch in additional UK cities.
Co-Founder and CEO Tim Chong stated, “Securing this funding is a significant achievement in the current climate, and we feel incredibly fortunate to have the backing of investors who believe in Yonder’s vision.”
Additionally, Yonder is expanding its funding efforts with a crowdfund open to both members and non-members, currently available for pre-registration.
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