Credit card provider Yonder has reportedly raised £62.5m in its Series A funding round, which comprises £12.5m in equity and £30m in debt financing.
The Series A capital injection was led by Northzone and RTP Global, according to a report from UKTN. Other commitments came from Crust Bros founder Joseph Moore and Cred founder Kunal Shah.
Yonder claims its post-money valuation exceeds £70m.
The Series A round is still open and Yonder is looking to launch a private crowdfund later in the month.
Based in the UK, Yonder is looking to launch across more cities, enter new verticals and increase the size of its team to 35.
Yonder co-founder and CEO Tim Chong said, “Yonder is a social-first business, so being able to expand to other UK cities and to grow our rewards proposition into other verticals like sport, fitness and theatre as a result of this funding is a huge step and will mean we can offer our adventurous members more ways to experience more of their city.”
The idea for Yonder came from the credit difficulties co-founders Chong, Theso Jivajirajah and Harry Jell faced when moving to London from Australia.
Yonder came out of stealth last year with a £20m seed round, which had the backing of ex-footballer Rio Ferdinand and GoCardless founder Matt Robinson.
The FinTech company claims to be the ‘epic’ credit card for foodies. Users of the card will earn one point for every pound they spend, with up to five-times this at Yonder partners. The users can then use these points at various restaurants.
Earlier in the year, German B2B credit card company Pliant raised $28m in its Series A funding round. The company offers a digital credit card solution for maximum flexibility and savings fully digital card and receipt management.
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