Yonder Raises $31 Million to Expand Credit Card Outside UK
Yonder has raised 23.4 million pounds (about $31.1 million) to expand its credit card designed to help cardholders build good credit habits while earning rewards.
The London-based company will use the new funding to grow its team, launch new rewards and accelerate its expansion outside the United Kingdom, Yonder said in a Thursday (Sept. 19) post on LinkedIn.
“It’s going to be a busy couple of years,” Yonder said in the post. “Building a world class credit card business isn’t easy. But we love to keep busy, so we’re doubling down on ways to help you get the most out of your points, adding new partnerships with some of the world’s most iconic brands and building more intuitive features to help you use credit responsibly.”
“That’s not even the half of it,” the company added. “With this new funding, we’ll be taking Yonder on tour and launching outside the U.K. by the end of next year.”
Over the last year, Yonder added a free membership tier, hundreds of new partners around the U.K., product improvements and a feature called Yonder Flights that lets cardholders use their points “on any flight with any airline globally,” according to the post.
RTP Global, which co-led Yonder’s funding round, said in a Thursday post on LinkedIn that it is excited to support the company as it prepares for European expansion and continued innovation.
“Yonder is reshaping the credit card landscape, focusing on rewards and experiences that truly resonate with their customers,” RTP Global said in the post. “From curated partnerships with local businesses to exciting collaborations with airlines, Yonder is creating a unique financial lifestyle platform that goes beyond traditional credit.”
The Mastercard-powered Yonder credit card aims to solve the challenge of maximizing credit card rewards and figuring out how best to spend points accumulated over time, Tim Chong, co-founder and CEO at Yonder, told PYMNTS in an interview posted in May 2023.
The company’s rewards program allows customers to access value through an instant and seamless redemption process, Chong said.
“[That means] no clunky website portals, it’s just pairing your card, swiping the app, and that dinner is fully on Yonder,” Chong said.
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