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Yonder

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The epic credit card for adventurers. Build your credit while you earn and enjoy rewards around town.

102%
 - 
Funded 15 Jun 2023
£12,749,993 target
£13,125,594 from 636 investors
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Business overview

Location London, United Kingdom
Social media
Website yondercard.com
Sectors Finance & Payments Digital B2C
Company number 12739942
Incorporation date 14 Jul 2020
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Investment summary

Type Equity
Valuation (pre-money) £58M
Equity offered 18.44%
Share price £0.1473
Tax relief N/A
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Business highlights

  • 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
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Key features

  • Secondary Market
  • Nominee investment min. £14.73 +
  • Direct investment min. £100,000.00 +
  • Idea
  • Key Information
  • Investor Perks
  • Team
  • Updates
  • Investors 636
  • Discussion
  • Documents

Idea

Introduction

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.

Monetisation strategy

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

Key Information

Debt

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.

Share Classes

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.

Warrant Instrument

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.

Share Price

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.

Investor Perks

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If you successfully purchase a share lot of this business, you will be granted access.

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Only shareholders can access this page

If you successfully purchase a share lot of this business, you will be granted access.

Buy shares

Only shareholders can access this page

If you successfully purchase a share lot of this business, you will be granted access.

Buy shares

Only shareholders can access this page

If you successfully purchase a share lot of this business, you will be granted access.

Buy shares

Share on:

Investing involves risks, including loss of capital, illiquidity, lack of dividends and dilution, and should be done only as part of a diversified portfolio. Please read the Risk Warnings before investing. Investments should only be made by investors who understand these risks. Tax treatment depends on individual circumstances and is subject to change in future.

This campaign for Yonder has been approved by Seedrs Limited (trading as Republic Europe) ("Republic Europe", "us" or "we"), as of 27 April 2023 as a financial promotion. Republic Europe is authorised and regulated by the Financial Conduct Authority with firm reference number 550317. In approving this campaign, Republic Europe has concluded that the information, taken as a whole, is "fair, clear and not misleading." This means that for factual statements we have reviewed evidence of their accuracy, and that for aspirational statements we believe they are phrased appropriately in light of their speculative nature. You should note that in the case of factual statements, the evidence we review is provided by the business, and we do not audit it, which means that we may not be able to identify forged or altered evidence. You should further note that in the case of aspirational statements, the nature of the type of businesses presented on the Republic Europe platform is such that they are likely to have high ambitions, and we may approve statements that convey those ambitions even where we do not believe, or we do not have a view on whether it is likely, that they will be fully realised. The pre-money valuation and investment sought in the campaign are those set by the business: they are not reviewed or established by us, and the valuation is not an independent view of what the business is worth. Given the nature and type of businesses presented on the Republic Europe platform, it is possible that the business has very little cash remaining prior to receiving this investment, and the investment sought may be necessary for the business's on-going existence.

Republic Europe does not make investment recommendations to you. No communications from Republic Europe, through this website or any other medium, should be construed as an investment recommendation. Further, nothing on this website shall be considered an offer to sell, or a solicitation of an offer to buy, any security to any person in any jurisdiction to whom or in which such offer, solicitation or sale is unlawful. Republic Europe does not provide legal, financial or tax advice of any kind. If you have any questions with respect to legal, financial or tax matters relevant to your interactions with Republic Europe, you should consult a professional adviser.

Tax Relief (SEIS)

This business is eligible for SEIS relief - providing qualifying investors with income tax relief of 50% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Tax Relief (EIS)

This business is eligible for EIS relief - providing qualifying investors with income tax relief of 30% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Valuation (pre-money)

Valuation rounded from £58,016,196

This is the fully-diluted pre-money valuation of the business (i.e. before the new investment comes in and including issued options and other equity interests). In contrast, the post-money valuation is based on inclusion of the new investment in the value.

It is calculated as the pre-money valuation plus the amount of new investment. e.g. If Company A is ascribed a pre-money valuation of £1,200,000 by prospective investors investing £300,000, its post-money valuation is £1,500,000.

The investee business is responsible for setting its own valuation, it has not been prescribed by Seedrs.

Pitch type

Investing in a regular equity campaign is the simplest and most common way to invest in a startup. You decide which business you want to invest in, and if the campaign hits its funding target then you will become one of their shareholders. As the company becomes more valuable, so do your shares; allowing you the opportunity to share in the future success of the business.

Learn more about pitch type on Seedrs

Equity Offered

The equity offered is the percentage of the company’s shares being issued in return for the amount of investment raised.

When the amount raised is less than 100%, the equity offered is based on the target raise. Once the company has raised over 100% it is based on the total raised.

In some scenarios, entrepreneurs may accept additional direct investment after closing their Seedrs campaign. Provided this is within 6 months of the closing and on the same terms, we do not typically offer pre-emption rights on that extra investment (where you have the opportunity to invest again to maintain your percentage shareholding).

Learn more about investing and pre-emption rights.

Nominee investment

This shows if you are able to choose, when making an investment, that you be represented by, and your shareholding be managed by, the Nominee investment.

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Custodian

If you invest in this Campaign, Seedrs will act as Custodian rather than provide our standard nominee service. This is due to the fact that the business is not directly involved in the share sale and Seedrs will not benefit from any rights under a shareholder agreement. As a result, Seedrs will handle administrative tasks as we do normally, but you will not have information or voting rights, updates from the business, preemption on future fundraising, or ongoing support about business trading activity.

Learn more about Custodian here

Secondary market

This shows if the business has opted-in or opted-out of allowing its shares to be bought and sold on the secondary market.

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Direct investment

This is an option to invest and hold shares 'directly' in the company (rather than via the Nominee investment). This option is only available to those investing over the threshold amount, which is determined by the fundraising company.

If you choose to hold your shares directly, you will be responsible for any contractual or administrative arrangements with the company you are investing in.

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Payment options

We are not able to accept card payments for investments into this sector. You can pay for your investment by creating a bank transfer, using funds in your investment account or create a Pay by Bank payment. Your investment will only be completed once the funds have reached our account.

Business Involvement

This Campaign offers shares for sale in business that is not directly involved in this Campaign or the sale. As a result, the Campaign and post-investment experience, including investor rights, will differ from a business-led campaign on Seedrs. Most notably, the business will not engage with investors in the discussion forums both during and after the sale or provide any updates to investors.

Learn more here

Payment options

We are not able to accept Pay by Bank payments for investments into this sector. You can pay for your investment with a card payment, by creating a bank transfer or by using funds in your investment account. Your investment will only be completed once the funds have reached our account.

Drawdowns

This campaign offers the ability to pay for an investment by drawdowns.

Security Token

A security token is a digital asset that represents ownership or other rights. It is a digital form of traditional investments. In the future, you may be able to trade your investment through compatible exchanges.

Warning

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None of the information in constitutes part of the campaign and it has not been approved or reviewed by Seedrs.

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