Rewards credit card Yonder secures £23.4m in new funding

By Gloria Methri

Rewards credit card Yonder has raised £23.4 million in new funding, led by Dan Jones through Repeat, Gareth Jefferies through RTP Global and support from Remus Brett through Latitude, the sister fund of LocalGlobe. The raise is a noteworthy up-round, resulting in a post-money valuation in excess of £100 million.

The new investment is earmarked to fund Yonder’s product, expansion and hiring plans. The company aims to become the go-to rewards platform for travel, socialising and city exploration. These include proprietary travel benefits, Flights and Stays, which allow members to use points towards flights and hotels around the world, expansion into Europe and other international markets, and some significant new product developments.

This latest round follows the startup’s April 2023 Series A funding of £12.5 million in equity and £50 million in debt.

Yonder launched in spring 2022 with a unique take on rewards designed to rebuild consumer relationships with credit cards through a beautiful user experience while encouraging responsible use of credit that helps their members build towards better financial futures. Yonder now offers monthly-changing rewards across dining and drinking, entertainment, lifestyle, online and a particular emphasis on travel, including the ability to use points towards flights with any airline, to any destination, at any time.

Tim Chong, Yonder’s CEO and co-founder, said, “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.”

“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.”