A new financial technology startup backed by former England defender Rio Ferdinand has launched its unique rewards program in the cities of Bristol and Bath. Yonder, which was started by alumni of credit scoring platform ClearScore, allows members to earn points on their spending that can then be redeemed at local food, drink and entertainment establishments.
Since launching in London in 2022, the fintech has signed up over 10,000 customers in the capital. Now, CEO and co-founder Tim Chong hopes to bring the benefits of Yonder’s loyalty program to residents of Bristol and Bath. The company aims to support independent hospitality businesses in both cities while helping consumers unlock more value from their money.
Backed by over £62.5 million in funding, Yonder offers a different approach to credit that builds relationships through rewards rather than debt. In addition to Rio Ferdinand, the startup has garnered investors from Northzone, LocalGlobe, RTP Global and angel backers like entrepreneur Sharmadean Reid.
Rising costs have impacted many following the pandemic. While Yonder can’t solve broader economic issues, Chong believes the rewards program will allow locals to discover great places to eat, drink and socialize near them – boosting both experiences and local commerce. Partners have seen increased sales, customer loyalty and average spending through the partnership.
Now launching in Bristol and Bath, Yonder aims to support residents and independent businesses as inflation puts pressure on budgets. By using the app, community members can enjoy more of what the cities have to offer while helping drive revenue for local favorites.