Revolut investor backs Gen Z credit card fintech Yonder
Credit card start-up Yonder has exceeded a post-money valuation of £100m as it secured another £23.4m in its latest funding round, led by one of the early investors of fintech app Revolut.
The credit card rewards firm, which is geared towards millennials and Gen Z consumers, plans to use the latest injection of funding to further its international expansion plans.
The funding round was led by Dan Jones of venture capital firm Repeat, formerly Jigsaw, who was also an early investor in Revolut and graphic design platform Canva.
This follows the firm’s Series A fundraise last year, during which it raised £12.5m in equity and £50m of debt to boost hiring and expansion.
Tim Chong, co-founder and chief executive of Yonder, said the firm has seen steady growth since its Series A funding round as its offering for “young people has snowballed”.
Chong added: “We’ve capitalised on our momentum to raise this significant funding round, which will help to fund some monumental milestones in Yonder’s journey.”
Founded in 2021, Yonder’s rewards strategy has consisted of various partnerships with bars and restaurants. With international plans on the horizon, airlines and hotels are next.
Its recent partnership with Qatar Airlines has also positioned itself closer to other credit card rewards competitors in the market such as American Express.
Jones said Yonder’s user experience and services is what makes its potential unique.
He added: “Yonder builds on this with a new category of credit card offering specifically for the Millennial & Gen Z community – a huge segment of the market largely ignored by existing products.
“The team’s impressive traction and deep fintech expertise makes us believe Yonder will lead the way in the next generation of consumer fintechs.”