Rewards credit card startup Yonder has raised £23.4 million in new funding at a post-money valuation in excess of £100 million.
The round was led an early Revolut investor Dan Jones through Repeat, with support from RTP Global and Latitude.
Founded by three Cleasrscore alumni and launched in 2022 with £20 million in startup funding, Yonder aims to tackle the problems expats with no credit history face when applying for a credit card in the UK. The firm uses open banking data to build a more nuanced, personalised picture of its customers’ spending habits and suitability for credit.
The new investment is earmarked to fund Yonder’s product, expansion and hiring plans. Now a team of 45, Yonder is looking to increase its headcount to support its growth.
This latest round follows the startup’s Series A fundraise of £12.5m in equity and £50m in debt in April 2023, which enabled Yonder to double its headcount, expands its rewards platform into new categories, and launch city-based experiences in Manchester, Birmingham, Bristol and Bath alongside London.
The startup is growing at a rate of 3x YoY, with members having spent almost £200m and visiting Yonder’s Experience partners more than 60,000 times since launch.
Tim Chong, Yonder’s CEO and co-founder said: “Since our Series A raise we’ve grown steadily as interest in Yonder’s offering for young people has snowballed. 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 end-to-end ecosystem that can find travel options, give hotel recommendations and book restaurant tables for you – all done and redeemable from your app."