Card rewards startup Yonder raises £23.4 million

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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.”