Yonder, a rewards credit card company, has strengthened its partnership with GoCardless, a global leader in direct bank payments.
The partnership is aimed at integrating Variable Recurring Payments (VRPs) with Yonder’s existing Direct Debit functionality. This collaboration marks a significant step in offering enhanced payment flexibility and control to Yonder’s cardholders, referred to as ‘members’.
Yonder focuses on providing a unique credit experience, offering advantages like no foreign exchange fees and worldwide travel insurance. Recently, the company secured £62.5m in Series A funding, valuing it at £70m. Yonder’s approach to credit includes a broad spectrum of loyalty rewards in dining, lifestyle, and fitness.
GoCardless specializes in facilitating recurring and one-off bank payments for over 75,000 businesses. With its recent acquisition of Nordigen, it also aids in faster decision-making through accessible bank account data. GoCardless has been a significant player in the VRP space since 2019 and continues to innovate in payment solutions.
Through GoCardless’ Instant Bank Pay, Yonder members can now utilize VRPs for immediate credit card balance payments. This offers a dual advantage: traditional Direct Debit and innovative open banking payments.
Yonder co-founder and CEO Tim Chong said, “In these economic conditions, consumers want more control over their finances. VRPs are the perfect solution. Since we’ve introduced them, we’ve seen many members move from monthly to weekly or even daily repayments. The instant nature of VRPs means they can immediately free up their credit line and take full advantage of our rewards, or gain peace of mind that their balance is cleared. Simply put, VRPs allow our members to manage their repayments in the way that works for them.”
Keep up with all the latest FinTech news here
Copyright © 2023 FinTech Global
