Yonder, a rewards credit card that partners with restaurants and bars and counts former Manchester United star Rio Ferdinand among its backers, has raised a £62.5m Series A round of funding, boosting its valuation nearly three times to £70m.
The cash, which is split between £12.5m of equity and £50m of debt.will be used for a growth push, including doubling the company’s headcount to 35 people and expanding into new UK cities.
The round was co-led by Northzone and RTP Global alongside angel investors Joseph Moore, founder of Crust Bros, and Cred founder Kunal Shah, who join existing investors including Sharmadean Reid (WAH Nails and Beautystack), Matt Robinson (GoCardless) and Ferdinand. Other notable investors include Oliver and Alexander Kent-Braham (Marshmallow), Frank Strauss and Matt Robinson.
Yonder also plans to extend its round to its early stage members through a private crowdfund in April.
Founded by former ClearScore head of product Tim Chong (CEO), lead developer Harry Jell and data science lead Theso Jivajirajah, Yonde uses Open Banking to evaluate credit suitability.
Chong said: “Securing this funding is a real achievement in the current climate, and we feel incredibly fortunate to have the backing of investors who believe in Yonder’s vision.
“We’ve built Yonder as a key to the city for young professionals, which encourages responsible use of credit while helping them to unlock more value from their spending. The response so far has proved to us that we’ve built something that consumers really want, and signals a shift in the way consumers want to use and engage with credit.”
