Fintech credit card launches in Manchester to support hospitality sector

Fintech start-up Yonder has launched a new rewards credit card in Manchester – with the backing of former Manchester United ace Rio Ferdinand – that aims to support the city’s renowned independent hospitality market.

Already used by more than 10,000 customers in London since launching in 2022, Yonder has brought its take on loyalty rewards to Manchester, which centres on the discovery of curated local experiences that encourage consumers to explore more of their city.

Manchester’s huge hospitality scene has shown impressive resilience post-pandemic with sales growth averaging 7.2% in 2023, but soaring running costs have forced the closure of 46 restaurants in Manchester in 2023 alone.

With the public also battling the effects of the ongoing cost of living crisis, Yonder’s proposition aims to help consumers to unlock more value from their spending while acting as a new customer acquisition and loyalty platform for local businesses.

Yonder’s rewards programme allows members to earn points through spending that can be redeemed at curated local dining and drinking locations without the need for activations, coupons or pre-bookings, as well as at nationwide online lifestyle and travel brands.

Experiences in Manchester include wine bar Erst and bistro Higher Ground, while nationwide experiences which refresh each month include car rental marketplace Turo, restaurant meal kits Dishpatch, digital detox cabins Unplugged and meal-prep service Lion’s Prep.

Founded by ClearScore alumni Tim Chong, Harry Jell and Theso Jivajirajah, Yonder is set on rebuilding the relationship that young people have with credit, by offering a new take on rewards and the ability to build credit scores ahead of bigger future purchases.

The start-up is backed by investment from venture capital firms Northzone, LocalGlobe and RTP Global, alongside angel investors including Sharmadean Reid, GoCardless’ Matt Robinson and former Manchester United and England centre back, Rio Ferdinand.

Yonder secured FCA authorisation within nine months and has experienced strong growth since launch, raising £62.5m in equity and debt in its Series A fundraise in April 2023.

Since launch members have spent £100m, spent £1.8m at Yonder experiences, saved £650,000 in FX fees and redeemed more than £650,000 in rewards.

Yonder’s dining and drinking partners in London include Speedboat Bar, BAO, 45 Jermyn St, Crust Bros and Swift, as well as theatre partners such as Lion King, ABBA Voyage and Stranger Things, and fitness partners like Boom Cycle, Kobox and Reformcore.

Lou Cordwell, Chair of the Greater Manchester Business Board, said: “With our world-renowned restaurants, bars and nightlife, and an emerging strength in fintech, Manchester is the perfect fit for Yonder.

“The concept is really interesting, with Yonder carefully curating its rewards with a particular focus on independents and unique experiences. Its launch in Manchester can support local hospitality and leisure businesses during a difficult period, while helping people discover the best the city has to offer.”

Tim Chong said: “Consumers and businesses in Manchester alike have been deeply impacted by soaring costs over the last few years. But while we can’t solve the overheads crisis, our mission is to help people to discover great things to eat, drink and do in their city – and many of Yonder’s partners have seen an increase in sales, customer spend and returning customer loyalty as a result of their partnership with us.”