Yonder Receives £62.5 Million Investment

Yonder, a London-based credit card startup, has raised £62.5 million in a Series A funding round. The funding round was co-led by Northzone and RTP Global, with several angel investors also participating. These angel investors include Joseph Moore, founder of Crust Bros, Kunal Shah, founder of Cred, Sharmadean Reid, Matt Robinson (GoCardless) and Rio Ferdinand.

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The Future of Yonder

Although Yonder is a startup that offers a rewards program, it claims that its rewards program is designed around the lifestyles of real people. This is based on data from hundreds of user research sessions with Londoners. Yonder used this data to really understand people's time and money spending habits and built a rewards program accordingly. In other words, Yonder aims to differentiate itself by offering a reward program that addresses the real needs of its customers.

The Yonder platform, which received FCA authorization in just nine months, uses open banking and transaction data instead of traditional credit checks to assess the creditworthiness of its customers. It provides a more personalized credit assessment process based on customers' spending habits, enabling it to more accurately determine credit eligibility. Unlike traditional banking methods, this approach offers a credit assessment based on customers' real-life spending habits.