Founders: Tim Chong, Theso Jivajirajah and Harry Jell
Rewards credit card Yonder has completely reshaped the modern credit card for young professionals, offering a proposition that is disrupting and transforming the ‘broken’ credit market.
The UK’s credit card market size is huge but stagnant, trapped in decades-old legislation and old tech. Other providers focus on rewards that have resulted from decades-old partnerships, and credit hasn’t been modernised to what younger consumers want and what fits to their lifestyle and needs. Yonder is aiming to fill this gap by offering solutions to some major pain points.
1. Access to credit. The idea for Yonder was born from the personal experiences of two out of three of Yonder’s co-founders, who struggled to access a quality credit product in the UK when they moved from Australia to London, despite having successful careers and excellent credit reports back home. While credit cards offer a way to build a credit score, secure purchase protection, manage cash flow and give membership perks, Yonder’s co-founders realised that countless customers were underwhelmed by the options available. Yonder’s co-founders built Yonder to address this problem, by analysing spending habits beyond someone’s credit score and providing a monthly credit line that’s tailored to the member’s needs.
2. Outdated rewards: Yonder’s unique rewards concept is built upon extensive user-interviews with people who were fed up with their existing credit cards and wanted something different. Instead of restricting customers to a single sector like air travel, members can use their Yonder points on some of London’s best bars, restaurants, wellness and cultural hotspots. Each month the list of partners refreshes, ensuring there is always something new and exciting for members to experience. The act of redeeming is also unique – members simply make a payment with their card, and then choose in the app whether to earn points, or pay with points. There are no coupons or codes and no activations required which is a key point of difference – AMEX, Monzo and Revolut all require ‘activations’.
3. Consumer-first credit: On a mission to rebuild consumer relationships with credit, Yonder’s app has been built to feel more like a financial membership than a banking product, with a UX designed to help customers make informed decisions regarding payments – with prompts to encourage full bill payment each month alongside weekly, fortnightly and monthly autopay options – and dedicated 24/7 in-app chat support. Yonder is designed to help young professionals to get familiar with using credit responsibly to strengthen financial futures for bigger financial commitments in later life.
Since launching in April 2022, customers have spent £65m through 2m transactions, daily active use is at 70%, and Yonder has a Trustpilot score of 4.7* (excellent) from member reviews.