NatWest backs Yonder – the Startups 100 star disrupting credit

Banking giant NatWest Group has this week announced a minority investment in Yonder, the fast-growing credit card that offers rewards tailored to customer lifestyles and preferences. 

Yonder has thrice appeared in the Startups 100 Index, our list of the fastest-growing new companies in the UK. The platform placed third this January, fresh off the back of achieving a nine-figure valuation at the end of last year.

With NatWest’s support under its belt, the fintech is set to grow further by scaling its operations and continuing to disrupt the credit card market.

Who is Yonder?

Yonder is a London-based fintech that was founded in 2020 by banking experts Tim Chong, Theso Jivajirajah, and Harry Jell. It offers an experience-based credit card for its audience of young professionals (or “yuppies”), who can earn points to use on dining out, entertainment, and even flights.

Yonder’s features have chimed with its Millennial and Gen Z target audience. As of 2024, it boasts over 20k users across UK cities including London, Manchester, Bristol, and Bath. 

As a challenger credit card, Yonder rivals other major players like Monzo, and has become a rising star in the fintech world.

Alongside its mission to put the customer first, Yonder’s simplified sign-up aims to help those who may not have a credit score. This focus on financial inclusion was inspired by its own founders’ struggles to access credit when they first emigrated to the UK from Australia.

What does this investment mean for Yonder?

NatWest is one of the UK’s largest banks with over 19 million customers. The investment will help Yonder to scale at speed, enabling it to draw on NatWest’s banking expertise to disrupt the credit card market.

Details of the minority investment have not been disclosed. However, the new cash comes after Yonder secured £23.4m in September 2024 via venture capital (VC) funding, taking its overall valuation to £100m.

Commenting on the new investment, Tim Chong, co-founder and CEO of Yonder, says: “We’re thrilled to welcome NatWest as an investor in Yonder. Their expertise and insights will be invaluable as we continue to grow and scale our platform.

“Together, we can redefine the future of consumer credit and deliver tailored financial services that meet the unique needs of our users.”

Through the partnership, NatWest will also gain access to Yonder’s customer insights, which it says it will use to ramp up its efforts on personalised rewards, while staying on top of emerging trends with some of its most important customer groups.

“Today’s consumer wants financial experiences that are personal, easy, and that seamlessly integrate into their daily lives,” Ladi Greenstreet, Head of Strategic Investments at NatWest Group comments. 

“Our investment in Yonder reflects our belief in delivering better lifestyle experiences with financial tools that resonate with customers’ personal goals and aspirations. We’re looking forward to exploring new ways to deliver rewarding and responsible financial interactions that align with our customers’ evolving needs.”

NatWest bets big on fintech

Led by NatWest’s Innovation and Partnerships team, the bank’s minority stake in Yonder marks a key milestone in its ongoing efforts to partner with pre-seed companies or those looking for series funding.

The banking giant also recently introduced five pre-Series A startups to its Fintech Growth Programme, giving them access to resources, expertise and networks to help them grow and scale sustainably. 

This includes Tunic Pay – another Startups 100 alumni – which provides a trust infrastructure to banks and fintechs to prevent scams and protect real-time transactions.

Sandi Royden, Head of Retail Banking Customer Propositions at NatWest said: “Our customers’ expectations are rightly changing all the time and it’s important we continue to understand their needs, personalise and deepen our positive customer experiences – which is the core way we think about innovation, engagement and proposition design as a bank.”