Yonder forms partnership with Griffin to launch ‘Top-ups’ feature

UK-based rewards credit card Yonder has joined forces with bank for fintechs Griffin to begin offering a new feature to customers, called ‘Top-ups’, and to simplify payments reconciliation.

Through the partnership, customers of Yonder, which tend to be young individuals, will be able to use ‘Top-ups’ to help them access higher spending limits.

The integration of Griffin’s embedded bank accounts will enable Yonder to deliver two improvements to its customers, the first of which is an account for its customers to boost their spending power by adding their own cash to credit.

The second enhancement to its offering is a “streamlined” payments infrastructure to support the automation of previously manual reconciliation processes.

According to Yonder, in time, these accounts will provide additional data insights that it can use to support credit decisions, such as increasing customer credit limits.

Tim Chong, co-founder and chief executive officer of Yonder, said: “Our partnership with Griffin has enabled us to launch a really groundbreaking feature for our members‍—giving them the flexibility to boost their spending power, while benefitting from all the rewards and protections that come with credit.

“Top-ups is another step towards our mission of empowering everyone to build financially rewarding lives, and this collaboration is a testament to our shared vision of innovation in payments.”

David Jarvis, co-founder and chief executive officer of Griffin, said that Griffin’s collaboration with Yonder will help to “make the customer experience that much better in ways big (like supporting large purchases via top-ups) and small (like enabling Confirmation of Payee on customer repayments)”.

“We’re thrilled to be providing infrastructure that makes the UK’s best credit card even better,” Jarvis added.

In September last year, Yonder revealed it had secured £23.4 million in its latest funding round, taking its valuation to more than £100 million.

Yonder intended to use the proceeds to fund the growth of its team and expansion outside the UK.

To date, Yonder has raised a total of £42.3 million with venture capital funds Seedcamp, Northzone, LocalGlobe, Repeat (formerly Jigsaw) and RTP Global, and counts Rio Ferdinand among its angel investors.