Yonder and Transact Payments Partner on Credit Card for Londoners

Yonder has partnered with Transact Payments on its credit card for young Londoners.

The partnership with payment services provider Transact Payments will give Yonder access to payments services and the Mastercard network as it grows its “lifestyle credit card,” the companies said in a Wednesday (May 10) press release emailed to PYMNTS.

“We don’t see why someone choosing to live in London can’t access a rewarding credit card due to their credit or income history being outside the U.K.,” Yonder Co-founder and CEO Tim Chong said in the release. “Partners like Transact Payments have given us the foundation we need to rebuild the world’s relationships with credit — and for them to be rewarded in the process.”

Yonder was founded in 2021 to make it easier for those living in London to access quality credit products, according to the release.

The company’s underwriting process is especially handy for expats and immigrants because it is powered by open banking and offers a fairer, more accurate view of a customer’s true income and expenditure, Chong told PYMNTS in an interview posted May 1.

“If you don’t have a thick credit file, we can underwrite you based on who you really are, rather than based on what your credit score says about you,” Chong said.

The Yonder credit card also offers members curated rewards, including exclusive drinking, dining and leisure experiences in London and travel benefits, according to the press release.

Consumers have embraced the product — spending over 30 million pounds (about $37 million) on Yonder cards and taking part in over 10,000 Yonder experiences over the past 12 months — and the company regularly offers new deals to keep these young adventure-seekers engaged, Chong said during the May 1 interview.

The partnership with Transact Payments will allow Yonder to focus on creating customer experiences while ensuring that new programs can go to market as quickly as possible and are fully compliant, according to the press release.

“Yonder is blazing a new trail in credit cards rewards, addressing an under-served, but very active, spending market,” Transact Payments CEO Aaron Carpenter said in the release. “We look forward to a successful future together, and I’m confident Yonder is set to shake up the credit card space in London.”

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