Startup Targeted at Gen-Z, Combining American Express with SecretNYC, Secures $15.4 Million in Equity Funding to Fuel Global Expansion

Credit card rewards startup Yonder has announced that it has raised £12.5 million ($15.4 million) in an equity round from a group of investors. The UK-based startup plans on using the funding to expand its services nationwide and finance a debt warehouse.

Yonder strives to deliver credit card rewards for millennials and Gen Z consumers, targeting an audience that has historically been underserved by traditional credit card companies. Its rewards program offers an Airbnb-esque experience, where customers can use their points at London venues, such as cinemas, wine merchants, and restaurants.

The startup’s co-founders, Tim Chong, Harry Jell, and Theso Jivajirajah, are all expats and have been working on the concept of Yonder for some time. With the latest funding, Yonder plans to expand beyond London, where it has been running a successful pilot program.

Yonder has already drawn interest from some prominent angel investors, including Joseph Moore, the founder of Crust Bros; Kunal Shah, founder of Cred; Sharmadean Reid, of Beautystack, GoCardless founder Matt Robinson, and former footballer Rio Ferdinand.

Yonder’s recent success has led to a post-money valuation of over £70 million. The startup plans to launch a private crowdfund in April to continue its growth trajectory.

The startup’s mission is to offer a credit card reward program that caters to millennials and Gen Z, who have different spending habits and are looking for more unique and personalized experiences. Yonder’s reward program offers points that can be redeemed at local businesses and experiences, rather than just traditional merchants.

Yonder’s expansion into other cities throughout the UK will offer more customers the ability to take advantage of its innovative credit card rewards program. This will also give local businesses the opportunity to participate in a rewards program that is focused on the local economy, creating a mutually beneficial relationship.

The startup’s unique approach to credit card rewards has been met with enthusiasm by both investors and customers. Yonder’s founders have noted that they don’t see themselves as just another credit card company, but rather as a tech startup that is looking to disrupt the industry.

With their focus on delivering unique, local experiences to their customers, Yonder has quickly gained a following among younger generations looking for something different from traditional credit card companies. Their next steps are to continue spreading their brand nationally and grow their customer base through their innovative rewards program.

Overall, Yonder’s recent funding success demonstrates the strength of their business model and the growing demand for credit card reward programs that cater to a younger demographic. With their innovative approach and eye on expansion, Yonder could become a major player in the credit card industry.