Rewards credit card startup Yonder has secured £12.5 million in equity and a £50 million credit line to scale operations.
The round was co-led by Northzone and RTP Global alongside angel investors Joseph Moore, founder of Crust Bros, and Cred founder Kunal Shah, who join a host of existing investors including Sharmadean Reid, Matt Robinson (GoCardless) and Rio Ferdinand. The funding has resulted in a post-money valuation of more than £70m.
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.
Yonder plans to use the investment to double its team to 35, extend its credit rewards into new verticals such as sport, fitness and theatre, and launch in new UK cities.
Co-Founder and Yonder CEO Tim Chong says: “Securing this funding is a real achievement in the current climate, and we feel incredibly fortunate to have the backing of investors who believe in Yonder’s vision."
Yonder is extending its round with a crowdfund open to both members and non-members, now open for pre-registration.
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