Yonder, a London-based rewards credit card company, has recently successfully closed a significant funding round.
According to IBS Intelligence, the company has secured a new investment of £23.4m, led by investor Dan Jones through his venture firm Repeat, along with Gareth Jefferies through RTP Global and Remus Brett through Latitude, the sister fund of LocalGlobe. This fresh injection of capital has propelled Yonder to a post-money valuation surpassing £100m.
Yonder operates in the competitive FinTech sector, offering a rewards credit card aimed primarily at enhancing travel, socialising, and city exploration experiences for its users. The company distinguishes itself through unique offerings like Flights and Stays, which enable members to use points towards flights and hotels worldwide, promising no restrictions on airline choice, destination, or time.
The newly acquired funds are earmarked for several ambitious projects. Yonder plans to expand its footprint across Europe and other international markets, alongside significant developments in its product line aimed at enriching its rewards system, particularly in travel benefits.
Since its launch in spring 2022, Yonder has taken a novel approach to rewards by focusing on rebuilding consumer relationships with credit cards. It encourages responsible credit use, which helps members build towards better financial futures. Yonder’s product suite offers dynamic monthly-changing rewards across various categories including dining, entertainment, and lifestyle, with a particular focus on travel.
Yonder’s CEO and co-founder, Tim Chong, highlighted the company’s growth trajectory since their last funding round. “Since our Series A raise, we have grown steadily as interest in Yonder’s offering for young people has snowballed. We have capitalised on our momentum to raise this significant funding round, which will help to fund some monumental milestones in Yonder’s journey.”
Chong also pointed out the strategic expansion of their travel benefits, “More than a fifth of our members’ spend each month is on travel, and the no FX fees abroad, points earned abroad and worldwide family travel insurance we offer already make Yonder a great companion for travellers. But with the launch of Flights and Stays, we are continuing to deliver on our mission, and we are excited to keep developing our offering in this area.”
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