"Are You a CEO, Director, or Founder interested in a Feature Interview?"
All Interviews are 100% FREE of Charge
Founded in 2020 by former staff at credit-scoring startup ClearScore, Yonder offers users a credit card with rewards like points for fine dining, event tickets and airline tickets. The startup charges a monthly subscription fee of 15 pounds (about $18.80).
The startup started out focusing on expats living in the UK who didn’t have a credit score, but now caters to a wider market of non-expat customers living in cities such as London, Manchester, Birmingham, Bristol and Bath.
“It’s a really tough time to be a fintech startup, which is why we’re incredibly proud to have raised in these circumstances,” Yonder CEO and co-founder Tim Chung told Business Insider. “You don’t see a lot of consumer fintech funding these days, especially at our stage,” he said, adding that most of it is pre-IPO or very early stage.
The company’s funding was led by Repeat (formerly Jigsaw), RTP Global and existing investor Latitude, a sister fund of LocalGlobe.
This follows a $78 million debt and equity financing led by Northzone in April 2023. Yonder claims that this is a significantly upsized round, bringing its post-money valuation to more than $132 million.
“We’re building a business with a long-term view, and we know that investors who think long-term and are bullish on this space will really understand us,” Chong added. “But this time has certainly been tough because there’s been a lot of focus on unit economics, payback period and long-term profitability.”
Chong said the company plans to use the new funding to expand its team of 45 to around 60 people and potentially reduce headcount. Yonder also said it is tracking its customers’ travel destinations to determine its next steps, with the aim of expanding into Europe.
Check out Yonder’s 11-slide presentation below: