Yonder, a credit card rewards company focused on millennials and Gen Z, has successfully secured an additional £23.4 million in its latest funding round, significantly boosting its post-money valuation to over £100 million.
The funding round, reported by City AM, was led by Dan Jones of venture capital firm Repeat, an early investor in Revolut and Canva. This latest injection of capital brings Yonder’s total equity financing to more than £85 million since its founding in 2021. The company plans to use the new funds to further its international expansion efforts.
Yonder’s Series A fundraising occurred last year, during which it raised £12.5 million in equity and £50 million in debt to support hiring and expansion initiatives. According to Tim Chong, Yonder’s co-founder and CEO, the company has experienced steady growth since its Series A round, capitalising on its momentum to achieve significant milestones. “We’ve capitalised on our momentum to raise this significant funding round, which will help to fund some monumental milestones in Yonder’s journey,” Chong stated.
Yonder has differentiated itself through its strategic partnerships and tailored rewards offerings. Initially partnering with bars and restaurants, the company now aims to expand its partnerships to include airlines and hotels. A recent collaboration with Qatar Airlines marks a significant step towards this goal, positioning Yonder more competitively against other market players such as American Express.
Dan Jones of Repeat expressed strong confidence in Yonder’s potential, noting the company’s user experience and millennial and Gen Z focus. “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,” Jones commented. He added that the team’s impressive traction and deep fintech expertise make them a strong contender in the next generation of consumer fintechs.
With this latest round of funding, Yonder is poised to accelerate its global expansion and continue its growth trajectory. The company’s focus on young consumers and innovative partnerships set it apart in the competitive credit card rewards market.