Series A Equity And Loan Funding For Yonder Totals £62.5m

In April, Yonder plans to do a private crowdfund to give its early stage members a chance to join the next round.

Yonder is a rewards credit card that works with restaurants and bars. It recently raised £62.5 million in a Series A round of funding, which nearly tripled its value to £70 million.

The money comes from £12.5 million in equity and £50 million in debt. It will be used to help the company grow, such as by increasing the number of employees by about 100% to 35 and moving into new UK towns.

The round was led by Northzone and RTP Global, along with startup investors Joseph Moore, founder of Crust Bros, and Kunal Shah, founder of Cred. They joined Sharmadean Reid, Matt Robinson (GoCardless), and Rio Ferdinand, who had already invested in the company.

Oliver and Alexander Kent-Braham, Frank Strauss, and Matt Robinson are among the other owners in Yonders.

In April, Yonder plans to do a private crowdfund to give its early stage members a chance to join the next round.

Yonde was started by former ClearScore employees Tim Chong (CEO), Harry Jell, and Theso Jivajirajah. It uses Open Banking to figure out if someone is a good candidate for credit.

Chong says: “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,” he added.