Fintech Startup Raises $26m in Round Co-Led by Northzone

  • Yonder, a fintech offering credit cards to expats without a credit score, just raised $26 million.
  • The seed round was co-led by Hopin and Spotify-backer Northzone and Copper investor LocalGlobe.
  • Check out the 10-slide pitch deck Yonder used to raise the fresh funds below:

Yonder, a fintech that wants to make credit cards more accessible for expats, has raised $26 million in seed funding.

The London-based startup is targeting prime “credit invisible” consumers who have no credit history in the UK. The company evaluates credit suitability based on a user’s transaction and

open banking

data, which it claimed is more personalized for users than traditional credit checks.

Yonder, which was founded by the former staffers at credit scoring startup Clearscore, will initially offer users a credit card with rewards such as meals at high-end restaurants and tickets to gigs and events across London.

“When I first arrived in the UK, it was so painful to restart my financial life without a credit score – banks turned me away, I had to get a prepaid SIM card, and the rewards never made up for the time it took to fill out forms to transfer my Amex membership from Australia,” Tim Chong, Yonder CEO and cofounder, told Insider.

“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 the bank’s quarterly earnings.”

The seed funding round was co-led by Northzone and LocalGlobe, alongside Seedcamp and angel investors including Beautystack founder Sharmadean Reid, Marshmallow founders Oliver and Alex Kent-Braham, and former soccer player Rio Ferdinand.

Funding will go towards new product features alongside growing the Yonder team which currently stands at 11 employees. Similarly, the company wants to go beyond its initial market of London and look to new UK cities like Bristol, Manchester, and Birmingham.

“Right now, most of the experiences that are live in Yonder’s app are drinking and dining spots, but we’ve got much more than that lined up,” Chong added. “We’re exploring partnerships with boutique fitness studios, festivals, major sports events, and immersive experiences.”

Yonder secured authorization from the Financial Conduct Authority (FCA), the UK’s financial regulator.

Check out the 10-slide pitch deck Yonder used to raise the fresh funds below:

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