UK-based credit card fintech Yonder has raised £23.4 million in its latest funding round, with the proceeds to be used to fund the growth of its team and expansion outside the UK.
The investment was co-led by early-stage venture capital firm RTP Global and Jigsaw VC, with participation from LocalGlobe, Northzone and Seedcamp.
Tim Chong, co-founder and chief executive officer, told Sifted that the fundraise has increased Yonder’s valuation to more than £100 million.
The latest funding round builds on Yonder’s Series A in April 2023, when it secured £62.5 million.
Chong confirmed to Sifted that this will be the last funding round it has to do and said that “we will be able to operate independently after this”.
Yonder intends to launch outside the UK by the end of next year, most likely in Europe, although it is yet to decide which country, according to Sifted.
It is advertising several roles on its website, including fraud analytics manager, senior credit risk manager and manager, dining partnerships.
On LinkedIn, Yonder posted: “It’s going to be a busy couple of years. Building a world class credit card business isn’t easy.
“But we love to keep busy, so we’re doubling down on ways to help you get the most out of your points, adding new partnerships with some of the world’s most iconic brands and building more intuitive features to help you use credit responsibly.”
Yonder uses Open Banking to view customers’ banking data, and to check income and expenses.
Earlier this year, Yonder partnered with Insurtech Qover, meaning that customers of the rewards-based credit card will be covered for travel and accommodation expenses paid for with their Yonder card.
At the end of last year, Yonder added variable recurring payments alongside its direct debit functionality, through its partnership with bank payment company GoCardless.
In a post on LinkedIn, RTP Global wrote: “Yonder is reshaping the credit card landscape, focusing on rewards and experiences that truly resonate with their customers. From curated partnerships with local businesses to exciting collaborations with airlines, Yonder is creating a unique financial lifestyle platform that goes beyond traditional credit.
“We’re excited to support Tim Chong and the Yonder team as they gear up for European expansion and continue to innovate in the fintech space.”
