Rewards credit card Yonder has raised £23.4 million in new funding.
The round was led by Dan Jones through Repeat (formally Jigsaw), Gareth Jefferies through RTP Global with support from Remus Brett through Latitude, the sister fund of LocalGlobe.
The raise is a significant up-round, resulting in a post-money valuation in excess of £100m according to the company.
The new investment is earmarked to fund Yonder’s ambitious product, expansion and hiring plans, as it focuses on becoming the go-to rewards platform for travel, socialising and city exploration.
These include proprietary travel benefits Flights and Stays which allow members to use points towards flights and hotels around the world, expansion into Europe and other international markets.
Now a team of 45, Yonder is looking to increase its headcount to support its growth plans.
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This latest round follows the startup’s Series A fundraise of £12.5m in equity and £50m in debt in April 2023, which enabled Yonder to accelerate its growth through extensive hiring, the expansion of rewards into new categories, and the launch of its city-based experiences in Manchester, Birmingham, Bristol and Bath alongside London. More than 25 per cent of new members now join outside of the capital.
The startup is growing at a rate of 3x YoY, with members having spent almost £200m and visiting Yonder’s Experience partners more than 60,000 times since launch.
“Since our Series A raise we’ve grown steadily as interest in Yonder’s offering for young people has snowballed,” said Tim Chong, CEO and co-founder.
“We’ve capitalised on our momentum to raise this significant funding round, which will help to fund some monumental milestones in Yonder’s journey.
“More than a fifth of our members’ spend each month is on travel, and the no FX fees abroad, points earned abroad and worldwide family travel insurance we offer already make Yonder a great companion for travellers. But with the launch of Flights and Stays we’re continuing to deliver on our mission, and we’re excited to keep developing our offering in this area.”