Yonder

Yonder is a financial technology company operating in the United Kingdom that provides a rewards-based credit card. It was founded in 2020 by Tim Chong, Harry Jell, and Theso Jivajirajah. The founders, all alumni of ClearScore, identified the challenges expats face in accessing quality credit products in the UK. This personal experience, particularly CEO Tim Chong's struggle as an Australian citizen in London, was a primary motivation for the company's creation. Chong's background includes roles at ClearScore, Accenture, and IBM, with a focus on product development and financial inclusion initiatives across several continents. Co-founder and Chief Risk Officer, Theso Jivajirajah, has over 18 years of experience in banking and credit risk at institutions like Commonwealth Bank and ClearScore.

The company targets young professionals, city dwellers, and expatriates who may have a limited or non-existent credit history in the UK. Yonder differentiates itself by using open banking technology to assess an applicant's financial health and creditworthiness, rather than relying solely on traditional credit scores. This allows the company to serve a demographic often overlooked by incumbent banks. Revenue is generated through several streams: membership fees for its premium tier, interchange fees from Mastercard on user transactions, interest on outstanding balances, and partnerships with merchants. The business model is centered on a membership structure, offering both a free and a paid tier, with the paid version providing enhanced benefits like boosted points earning and comprehensive travel insurance.

The core product is a Mastercard credit card managed through a slick mobile application, which integrates with Apple Pay and Google Pay. Yonder's unique selling proposition lies in its rewards program, which eschews traditional air miles for curated local experiences focused on dining, entertainment, and wellness. The platform partners with a range of businesses, from restaurants to fitness studios, offering members points that can be redeemed for these experiences. The card also features no foreign transaction fees, making it attractive for frequent travelers. Since its 2022 launch, Yonder has expanded beyond London and has secured significant funding, including a Series A round of £62.5 million in 2023 and a further £23.4 million in 2024, reaching a valuation of over £100 million.

Keywords: credit card, fintech, rewards program, open banking, expatriate finance, UK finance, lifestyle rewards, financial inclusion, travel rewards, dining rewards, mobile banking, credit building, challenger bank, London startups, Tim Chong, Theso Jivajirajah, Harry Jell, no foreign exchange fees, membership model, financial services