London-based credit card fintech Yonder raises €27.8M; plans to increase its headcount

London-based Yonder, a rewards credit card challenger, announced on Thursday that it has raised £23.4M (approximately €27.8M) in new funding at a post-money valuation of over £100M (approximately €119M).

The funding round was led by Dan Jones through Repeat (formally Jigsaw), and Gareth Jefferies through RTP Global with support from Remus Brett through Latitude, the sister fund of LocalGlobe. 

The announcement comes over a year after raising £12.5M (approximately €15M) in equity and £50M (approximately €60M in debt in a Series A round back in 2023. 

Tim Chong, Yonder’s CEO and co-founder, says, “Since our Series A raise we’ve grown steadily as interest in Yonder’s offering for young people has snowballed. We’ve capitalised on our momentum to raise this significant funding round, which will help to fund some monumental milestones in Yonder’s journey.”

“More than a fifth of our members’ spend each month is on travel and the no FX fees abroad, points earned abroad, and worldwide family travel insurance we offer already make Yonder a great companion for travellers. But with the launch of Flights and Stays, we’re continuing to deliver on our mission, and we’re excited to keep developing our offering in this area,” says Chong.  

Additionally, the investors backed the startup is growing at a rate of 3x YoY, with members having spent almost £200M and visiting Yonder’s Experience partners more than 60,000 times since launch. 

The UK company will use the funds to speed up its product expansion and hiring plans and become the top rewards platform for travel, socialising, and city exploration. 

This includes introducing travel benefits like Flights and Stays, expanding into Europe and other international markets, and developing new products for seamless cash flow management.

Now, with a team of 45, Yonder wants to increase its headcount to support its growth plans.

Yonder: Modern reward credit cards

Founded in 2022, Yonder is a modern rewards credit card designed to rebuild consumer relationships through loyalty rewards spanning dining, entertainment, lifestyle, and travel categories.

The company now offers monthly-changing rewards across dining and drinking, entertainment, lifestyle, online, and a particular emphasis on travel, including the ability to use points towards flights with any airline, to any destination, at any time.

Yonder has raised a total of £42.3M with VC funds Seedcamp, Northzone, LocalGlobe, Repeat (formally Jigsaw), and RTP Global and includes Oliver and Alexander Kent-Braham (Marshmallow) and Rio Ferdinand among its angel investors. 

Tim Chong continues, “Whether you’re meeting friends for dinner in the city, or planning a weekend getaway in Europe, our vision is for Yonder to be the end-to-end ecosystem that can find travel options, give hotel recommendations, and book restaurant tables for you – all done and redeemable from your app.”

“Securing this funding in the current climate is an incredible achievement for us and signals an exciting time in our journey. We’re delighted to be backed by some brilliant investors who have once again seen and believed in our vision,” adds Chong. 

Dan Jones, founder and managing partner at Repeat (formerly Jigsaw) says, “Over the years we have backed several billion+ fintech companies at their early stages of growth where the differentiation was driven largely by frictionless UX and better service delivery of traditional products. 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 make us believe Yonder will lead the way in the next generation of consumer fintechs.”