The epic credit card for adventurers. Build your credit while you earn and enjoy rewards around town.
- 4.8 star Trustpilot rating (nobody’s perfect) & excellent 77 NPS
- More than £1M ARR* and 68% daily active users
- Raised £18m from Northzone, LocalGlobe, RTP Global and Seedcamp
- Credit Card of the Year finalist and Accel’s Fintech 100 in 2023
We were tired of stuffy, corporate cards designed for businessmen in the 1980s. For too long, credit cards only served to make banks loads of money – causing an entire generation of consumers to stick clear of them, missing out on the real benefits that credit cards can bring.
We're on a mission to change that. We're rebuilding the world's relationship with credit by showing people that responsible use of credit can unlock new experiences and adventures, while building your credit for the future and giving you greater peace of mind when you spend and travel.
We built our rewards program from scratch. Every month we handpick 8-10 of London's finest bars and restaurants and serve them to you right in the app. All you have to do is find one you like, show up, pay normally and we'll give you the choice to use your points to cover the cost or earn bonus points. It's that easy.
Substantial accomplishments to date
• Card spend: Almost 1 million card transactions spending £30m since we launched
• Yonder users are super engaged: 12x App opens per week
• Partnered with some of London's finest bars and restaurants like BAO, Unplugged and Crust Bros.
• Weekly Active Users: 85% Weekly Active Users and 68% DAU:MAU
• Growth: Over 19,000 people have applied for a Yonder Card since we launched
• Experiences: Members have visited almost 10,000 experiences since we launched
• Fully FCA authorised in less than ten months
• Finalised in the Best British Bank Awards for Credit Card of the Year
*based on unaudited management accounts. ARR figure based on March 2023 revenue.
Yonder has four revenue streams. Let’s dive into them.
Membership fee – we charge a monthly membership of £15 or an annual membership of £160 a year, meaning don’t rely on charging extortionate interest in order to be a sustainable business. It covers our operating costs, our member rewards and other benefits like travel insurance.
Rewards partnerships – we partner with some of London’s best bars and restaurants and have different monetisation partnerships with each of them. There are a multitude of ways to monetise these relationships - campaigns, promotions and advertising through our owned audiences.
Interchange – when you use your Yonder card anywhere in the world, Mastercard pay us a tiny portion of that transaction. These tiny amounts add up to a lot.
Interest – we want to make sure the credit facility is easy to understand and make use of. We support responsible use of your credit line, which means we want to let our members pay off their bill at a pace that works for them.
Use of proceeds
• Doubling the size of our team – Until recently we were just a small team of 17, with plans now to grow to 35 by the end of the year. We're hiring in marketing, engineering and other operational roles.
• Launching into new cities – We want to take Yonder to our next UK city. Our goal is to be live in two new UK cities in the next year. We'll be deciding on our first city expansion soon.
• Rewards and product – we'll add in new rewards verticals like wellbeing, fitness and other cultural events to complement our bars and restaurant partners. We've already started testing into new concepts like short stays through our partners at Kip and Unplugged.
• Growth and marketing – As we grow our marketing team, we'll look at investing into performance, brand and product marketing so we can grow awareness of Yonder and bring in new members at scale. We plan to do this in a measured way, keeping our cost-per-acquisition low while experimenting and testing innovative new ways to find members
The Company has the following outstanding loans:
1. Please note, as part of its Series A raise, Yonder has agreed in principle a complex £50m debt warehousing facility with Viola Credit for the purposes of scaling up its lending capacity and providing new credit lines to customers. The terms of the debt facility are confidential and have not been shared with Seedrs but is expected to complete in the coming months.
2. Silicon Valley Bank ("SVB") has a security interest (including a fixed charge and a negative pledge) dated 14 October 2021 over £50,000 held by the Company in an SVB account to secure the Company's obligations owed to SVB in respect of BACs services provided by SVB.
3. BCI Finance Limited has a security interest (including a fixed charge, floating charge and negative pledge) dated 29 June 2022 over a ring-fenced collection bank account with SVB and certain of the Company's contracts relating to customer receivables.
4. BCI Finance Limited has a security interest (including a fixed charge, floating charge and negative pledge) dated 7 November 2022 over a ring-fenced collection bank account with HSBC Bank plc and certain of the Company's contracts relating to customer receivables.
The company currently has three classes of shares, Ordinary Shares, Seed Preferred Shares and Series A Shares. All investors in this round, including Seedrs investors, will be receiving Series A shares.
The Series A Shares and the Seed Preferred Shares carry a 1x non-participating preference on a liquidation, return of capital or exit.
This means that on a liquidation, return of capital or exit, the proceeds will be distributed as follows:
(1) First, Series A Shareholders will receive 1x their initial investment amount back;
(2) Second, Seed Preferred Shareholders will receive 1x their initial investment amount back;
(3) Finally, the Ordinary Shareholders will share in the remaining proceeds pro rata.
Provided that if the Series A Shares would be entitled to a greater amount if the proceeds were distributed to all shareholders on a pro rata basis (according to the number of shares held), then the above waterfall will not apply and the proceeds shall be distributed to all shareholders pro rata.
The Series A Shares have anti-dilution protection calculated on a broad-based weighted average basis (unless otherwise waived by the majority of the Series A Shareholders). This means if shares are issued at a price below the price that the shareholders invested at, they will be issued new shares to mitigate the dilution suffered.
Pursuant to the warrant deed dated 29 June 2022, the Company has granted warrants to BCI Europe Limited to subscribe for up to 2,171,925 Senior Shares in the capital of the Company. Please note, the warrants have been included in the pre-money valuation for the business, as they may be exercised in the future and dilute investors.
Please note, direct investors in this round have been issued shares at £0.147259. Seedrs investors will be issued shares at a share price of £0.1473 in order to account for rounding and avoid fractional pennies. Shares will be offered in multiples of 100 shares for £14.73.
FCA Regulatory Approval
Yonder Technology Ltd is a company registered in the UK, with a registered office at 69 Old Street, London, EC1V 9HX, United Kingdom company number, 12739942. Yonder is authorised and regulated by the Financial Conduct Authority (FCA) with Financial Reference No 946219.
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