Credit card startup Yonder raises significant funds for expansion and hiring.
- Yonder targets Millennials and Gen Z with enhanced travel benefits.
- The new funding round gives Yonder a valuation exceeding £100m.
- VC firm Repeat and Latitude invest in Yonder’s growth strategy.
- Yonder aims to be the ultimate rewards system for young consumers.
The fintech company Yonder has achieved a substantial milestone by securing £23.4m in new funding. This development is strategically aimed at amplifying its reward offerings and expanding its workforce. With a focus on enhancing user experiences, the funds will be channelled towards travel benefits and city exploration options, aligning with the preferences of its target demographic: Millennials and Gen Z.
In a bid to fortify its presence in the travel sector, Yonder is launching new features such as ‘Flights and Stays’, allowing users to redeem points on flights and accommodations. As more than 20% of Yonder members’ expenditures are related to travel, this initiative is poised to capture a significant portion of their spend, meeting the evolving needs of young travellers.
The recent funding round has elevated Yonder’s valuation to over £100m, an impressive feat considering current economic conditions. This capital injection originates from key investors including the VC firm Repeat, previously known as Jigsaw, and Latitude, a sister fund of LocalGlobe. These investors recognise the innovative approach Yonder is taking in a largely untapped market segment.
Tim Chong, co-founder and CEO of Yonder, expressed optimism about the funding’s impact, stating, “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.” His enthusiasm highlights the trust placed by investors in Yonder’s growth prospects.
Dan Jones, founder and managing partner at Repeat, remarked on the decision to invest, explaining that Yonder’s focus on providing a differentiated user experience fills a gap in the market. By offering a new category of credit card products specifically tailored for younger generations, Yonder is poised to redefine consumer loyalty and engagement within this space.
Yonder’s strategic use of funding underscores its commitment to capturing the Millennial and Gen Z markets by enhancing travel-related offerings and user experiences.
