Credit card challenger company Yonder has raised £62.5m in Series A capital, consisting of £12.5m in equity and £50m in debt financing.
The Series A funds came from lead investors Northzone and RTP Global, with support from Crust Bros founder Joseph Moore and Cred founder Kunal Shah.
Its Series A remains open, with the firm planning to launch a private crowdfund this month.
“The credit market needs a rebuild, and we firmly believe change happens through intuitive products designed to help customers with their best interests at heart, not just blog posts on a website,” said Tim Chong, co-founder and CEO of Yonder.
The idea for Yonder was conceived when co-founders Chong, Theso Jivajirajah and Harry Jell experienced credit difficulties after moving to London from Australia.
London-based Yonder plans to launch in new UK cities following the raise, enter new verticals and increase its team to 35 this year.
Chong added: “Yonder is a social-first business, so being able to expand to other UK cities and to grow our rewards proposition into other verticals like sport, fitness and theatre as a result of this funding is a huge step, and will mean we can offer our adventurous members more ways to experience more of their city.”
Yonder came out of stealth last year with a £20m seed round, which drew backing from the likes of ex-footballer Rio Ferdinand and GoCardless founder Matt Robinson.
With the new capital, Yonder says it has a post-money valuation exceeding £70m.
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