Here’s Yonder that is rolling out a new credit card packed with rewards for Londoners with £20M funding
The fintech-startup Yonder is all in with £20M for its new credit card to build a personalized picture of its customer’s spending habits.
Founded in 2021 by Clearscore Alumni Tim Chong, Harry Jell, and Theso Jivajirajah. The round was led by Northzone, LocalGlobe, and Seedcamp along with participation from Sharmadean Reid, the retired footballer Rio Ferdinand, and Marshmallow founders Alexander Kent-Braham and Oliver Kent-Braham.
Previously in February 2021, the fintech startup raised £850,000 in a pre-seed round led by LocalGlobe and Seedcamp, bringing to a total of £20.85M to date.
Yonder, the fintech startup aims to launch a credit card to make a personalized picture of its customer’s spending habits rather than relying on traditional credit checks alone eliminating complexity from the customer’s experience.
Tim Chong, the CEO, and co-founder of Yonder shared:
“These cards are ridden with hidden fees, discriminatory credit scoring, and rewards that belong in the 1990s, all in the interest of the bank’s quarterly earnings. We’re challenging the status quo with a card that helps our members to discover the best of their city, and a promise to put the customer first.”
In the beginning, only Londoners will be allowed to join the Yonder Club but the company aims to expand to other cities in the UK and all major cities in Europe.
The startup claims to offer a reward programme designed around people’s lifestyles that is inspired by hundreds of user research sessions with Londoners to know how they spend their money and time. Yonder’s credit card will allow its members to access amazing dining, eating, and leisure experiences with partners like The Gladwin Brothers and Kricket restaurants plus zero FX fees.
Moreover, the platform uses open banking to evaluate credit suitability and customers’ purchase habits based on transaction history. Looking into the ease the fintech services are providing to customers, many startups and companies are now embracing fintech technology to make the transactions more flexible and hassle-free for customers.
LocalGlobe General Partner Remus Brett shared:
“Credit has earned a bad rap, with companies benefiting from a huge profit pool while sidelining their customers’ best interests. We’ve been actively looking to invest in credit challengers, and Yonder has all the qualities we look for at LocalGlobe.”