Startup Yonder, which specializes in issuing Rewards credit cards, has secured equity of 12.5 million pounds and a credit line of 50 million pounds to expand operations.
The funding round was conducted by Northzone and RTP Global together with angel investors Joseph Moore, founder of Crust Bros, and founder of Cred Kunal Shah. They joined a host of existing investors, including Sharmadin Reed, Matt Robinson (GoCardless), and Rio Ferdinand. After attracting new funding, the startup cost amounted to more than 70 million pounds.
Yonder was founded last year by three Cleasrscore graduates. The initial financing of this startup amounted to 20 million pounds. The company’s activities are aimed at solving the problems faced by expats without a credit history when applying for a credit card in British financial institutions. The startup uses open banking data to create a detailed picture of the consumer habits of its customers and their compliance with the criteria for obtaining a loan.
Yonder plans to use the attracted investment funds to achieve several goals. The company intends to increase the number of employees to 35 people. Also, during the disbursement of the received financing, the startup plans to extend credit rewards to new areas, including sports, fitness, and theater. Another intention of the company in the context of the use of investment funds is to launch the provision of services in cities in the UK, where Yonder previously had no presence.
Yonder co-founder and CEO Tim Chong says that obtaining additional funding is a real achievement given the current economic realities. He also called it luck that the startup managed to enlist the support of investors who believed in the concept of the company’s activities. He said that the current lending market needs to be rebuilt. The head of the startup also expressed confidence that changes are taking place through the introduction of intuitive products that help to take into account the interests of customers to a greater extent.
As we have reported earlier, Paytrix Secures $18.3 Million Series A Funding.