Targeting 'adventurous' millennials and Gen Z professionals, Yonder's free membership eliminates monthly fees and rewards members with 1 point for every £1 spent, with the added benefit of no foreign exchange fees on international transactions.

The startup's offering revolves around a distinct rewards programme that integrates seamlessly into users' daily lives, with a focus on encouraging exploration. Members can redeem points with a variety of hand-picked partners in dining, travel, fitness, and lifestyle sectors across London and the UK, such as Speedboat Bar for Thai cuisine, Swift for cocktails, F45 for fitness, Lions Prep for meal-preparation, and Turo for car sharing.

Since its premium membership was launched in 2022, Yonder's customers have spent over £82 million, redeemed rewards worth £600,000, and saved more than £470,000 in foreign exchange fees. In April 2023, the company secured £62.5 million in Series A funding through equity and debt, valuing the company at over £70 million. This free card is Yonder's next step in its mission to redefine credit for UK consumers, offering rewards and features tailored to the preferences of younger generations.

Moreover, Yonder's free membership introduces flexible bill payment options, including weekly and fortnightly schedules, and encourages paying the full bill monthly to assist young consumers in establishing sound credit practices for their future.

Tim Chong, Yonder’s CEO and co-founder said: “There are nearly 59 million credit cards in the UK and the market has traditionally always been dominated by the same major players. But despite so much technological progress, credit cards fundamentally haven’t changed and customers have been misled for decades by attractive minimum monthly payments and hidden fees.

“The market is ripe for disruption and we believe young people deserve something different - credit card rewards that feel more relevant to their lives and the support to help them develop better credit habits for the future. The launch of our free membership from beta is another milestone in our mission to completely rebuild the relationship that the UK has with credit. Whether it’s to discover great places in their city or to earn fee-free points abroad, we want to empower people to use credit in the way that works for them.”

Yonder’s free membership launch is one of a number of the startup’s investments following its Series A raise last year, which included doubling its headcount to 35 alongside plans to expand across the UK later this year.