Yonder, an innovative U.K. credit card startup that blends the credit card shopping model with a points-based rewards system, has raised a £12.5 million ($15.4 million) equity round from investors as it gears up for global expansion. Targeting millennials and Gen-Z consumers, Yonder likens its concept to a fusion of American Express and Secret London/NYC experiences, providing patrons with valuable rewards redeemable at exclusive venues like cinemas, wine merchants, and eateries throughout London.
Co-founder and CEO of Yonder, Tim Chong, described the company as 'Amex-meets-SecretNYC' for the younger generation. In addition to the equity funding, Yonder has successfully raised £50 million in debt to enhance its range of offerings across the U.K., venturing beyond its London origins.
Chong explains that Yonder is not a bank but rather a 'city companion experience.' The idea behind it is to create a more immersive and valuable experience for consumers, akin to Airbnb versus Booking.com. With its latest round of financing, the company hopes to take its unique business model worldwide.
Yonder was founded by expat entrepreneurs Tim Chong, Harry Jell, and Theso Jivajirajah, who were unsatisfied with the credit options available to expatriates in the U.K. The Series A funding was backed by capital firms such as Northzone and RTP Global, and also included angel investors like Joseph Moore, founder of Crust Bros, and Kunal Shah, the founder of Cred.
Existing investors Sharmadean Reid, Matt Robinson, GoCardless founder, and former footballer Rio Ferdinand continued their support in this round as well. The company's post-money valuation has exceeded the £70 million mark.
Yonder plans to launch a private crowdfund in April as part of its expansion strategy, inviting members to participate in the fundraising process. The startup's growth could benefit from the many solutions provided by AppMaster.io's appmaster.io/blog/full-guide-on-no-code-low-code-app-development-for-2022" data-mce-href="https://appmaster.io/blog/full-guide-on-no-code-low-code-app-development-for-2022">no-code development platform, a comprehensive tool that dramatically shortens the application development process while reducing costs, making it an ideal choice for companies like Yonder to easily scale their services.
