Yonder, a London-based fintech startup, has secured $30.1 million in new funding from venture capital investors. The company, founded in 2020 by former credit scoring startup Clearscore employees, offers a credit card with rewards such as meals at high-end restaurants, event tickets, and flight points. Users pay a monthly subscription fee of £15 (approximately $18.80) for access to these benefits.
Initially targeting expats in the UK who lacked a credit score, Yonder has since expanded its customer base to include non-expat residents of cities like London, Manchester, Birmingham, Bristol, and Bath. CEO and co-founder Tim Chong expressed pride in the company’s ability to raise funds in the current challenging climate for fintech startups. “We haven’t seen many consumer fintechs raise recently, especially at our stage,” Chong told Business Insider.
The funding round was led by Repeat (formerly Jigsaw) and RTP Global, with participation from existing investor Latitude.
Yonder raises significant investment round
This latest raise has resulted in a post-money valuation of more than $132 million for Yonder.
Chong emphasized the company’s long-term focus and the importance of finding investors who share that perspective. “We’re building for the long-term horizon, and we’ve generally found that investors who think long-term and are bullish in the space really get us,” he said. The new funding will be used to grow Yonder’s team from 45 to around 60 employees while maintaining a lean headcount.
The company also plans to expand into Europe, using customer travel data to inform its next steps. Yonder’s success in this funding round demonstrates the potential for innovative fintech startups to attract significant investment, even in a challenging economic environment. As the company continues to grow and expand its offerings, it will be well-positioned to serve the evolving needs of its target market.
