Rewards credit card startup Yonder has raised £23.4m in new funding at a post-money valuation of over £100m.
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The round was led by early Revolut investor Dan Jones through Repeat, with support from RTP Global and Latitude.
Yonder was founded by three Cleasrscore alumni and launched in 2022 with £20 million in seed funding. It aims to address the issues expats with no credit history face when applying for a credit card in the UK. The company uses open banking data to create a more nuanced, personalized picture of its customers’ spending habits and their suitability for credit.
The new investment will fund Yonder’s product, expansion and hiring plans. Yonder is now a team of 45 and is looking to increase its headcount to support its growth.
This latest round follows the startup’s Series A funding of £12.5m in equity and £50m in debt in April 2023, which enabled Yonder to double its headcount, expand its rewards platform to new categories to expand and introduce city-based experiences in Manchester, Birmingham, Bristol and Bath alongside London.
The startup is growing three times as fast as last year. Members have spent almost £200 million since launch and visited Yonder’s Experience partners more than 60,000 times.
Tim Chong, CEO and co-founder of Yonder, said: “Since our Series A raise, we have grown steadily as interest in Yonder’s offering for young people has increased rapidly. Whether you’re meeting friends for dinner in the city or planning a weekend getaway to Europe, our vision is for Yonder to be the end-to-end ecosystem that finds travel options, provides hotel recommendations, and reserves restaurant tables for you – everything completed and redeemable via your app.
