Yonder

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