Yonder, a London-headquartered credit card Fintech catering to ex-pats in the United Kingdom, has opened up a waitlist for potential clients after emerging from stealth with a £20 million equity raise.
Established by three Cleasrscore alumni, Yonder plans to address the problems ex-pats tend to face when applying for a credit card in the United Kingdom.
Company CEO Tim Chong had first experienced such issues after he had moved to the UK from Australia. While his career was off to a solid start and he had an established credit history back home, the best he was able to qualify for was a card with a ‘child-safe’ credit limit and high fees.
Yonder’s first goal is to address the problem of access to credit cards for ex-pats and anyone with a “thin” credit file, with an efficient and seamless sign-up process and credit suitability evaluation based on detailed transaction history from everyday spending habits.
“For too long, credit cards have taken advantage of consumers. Hidden fees, discriminatory credit scoring, and rewards that belong in the 1990s, all in the interest of bank’s quarterly earnings. We’re challenging the status quo with a beautiful card that helps our members to discover the best of their city, and a promise to put the customer first.”
The company is planning to differentiate itself by providing “meaningful” loyalty points that may be spent on exclusive drinking, dining, and leisure experiences with partners such as The Gladwin Brothers and Kricket restaurants, as well as the ability to spend overseas with zero FX fees.
The £20 million investment round has reportedly been co-led by Northzone and LocalGlobe, with Seedcamp taking part along with several angel investors, such as Sharmadean Reid, Marshmallow founders Oliver and Alex Kent-Braham, and ex-England international footballer Rio Ferdinand.
The capital injection follows a pre-seed round valued at £850k in February of last year, which was led by Seedcamp and LocalGlobe, bringing total funding to £20.85 million (to date).