Challenger credit card Yonder launches unique 'Send Points' feature

Challenger credit card Yonder has announced a new feature that allows members to send earned rewards points to others within the app - the first credit card of its kind to offer this benefit.

‘Send Points’ uses hashing to enable users to send points to other members in their contacts within the app, without the need to upload a member’s contact book to the server.

The move will allow members to access larger-scale rewards when combining them with other members’ points, give multiple members the option to benefit from points earned by a group spend, and enable the ability to send points as gifts.

Offering a unique take on loyalty rewards based around real people’s lifestyles, Yonder members can earn high-value points and use them at a variety of hospitality and culture experiences that change monthly. On average, spending £1,000 will earn each member around £25 off, with current partners including Lina Stores, Kricket, Unplugged, Brigadiers and BAO.

Founded in 2021 by Clearscore alumni Tim Chong, Theso Jivajirajah and Harry Jell, startup Yonder aims to rebuild customer relationships with credit, eliminating stress and complexity from the customer experience.

Having launched publicly in March 2022 after securing £20m in seed funding, Yonder takes a novel approach to evaluating credit suitability based on transaction data, using open banking to build a more nuanced, personalised picture of its customers’ spending habits than relying on traditional credit checks alone. Yonder secured FCA authorisation in just nine months.

Yonder is designed for the five million-strong ‘credit invisible’ market underserved by current credit providers. Its aim is to help young professionals to build more secure financial futures through responsible use of credit, giving them the ability to build credit scores earlier while providing greater purchase protection and enabling them to unlock more value from their spending.

“It doesn’t seem fair to us that credit card users have been so restricted when it comes to how they can spend the points they earn,” says co-founder and CEO Tim Chong.

“Our new Send Points feature gives our members even more freedom in terms of how they choose to use their earned points, and is another step towards our mission to redesign the credit market with the customer at the heart. Send Points makes Yonder an even better option for Londoners who love exploring their city and sharing experiences with friends.”

By Mark Adair – Correspondent, Bdaily

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