Ophelos partners with credit card startup Yonder for ethical debt resolution

By Joy Dumasia

Ophelos, the technology firm building fairer debt resolution for businesses and their customers, announces its partnership with Yonder, a lifestyle credit card for millennial audiences.

The partnership will see Ophelos transform how Yonder manages the support of customers who may find themselves in arrears. The start-up, dedicated to building a modern credit solution, selected Ophelos as it reflected Yonder’s business values centred around fairness, transparency and customer respect. Ophelos’ machine learning-driven debt resolution platform will help Yonder identify and support more customers in financial difficulties, resolving more accounts in an autonomous manner. Customers will also be given the ability to resolve their outstanding balances in more manageable instalments via personalised repayment plans. 

Founded in 2021, Yonder is a business rebuilding the modern credit card from the ground up. With approximately 5m people in the UK defined as ‘credit invisible’, Yonder utilises Open Banking to assess credit suitability and enables these individuals to apply for a credit card without a UK credit score. With barely half of the 13m millennials living in the UK owning a credit card product, Yonder wants to improve the perception of its offering by educating users on how it can be used effectively and responsibly with its app explaining when and how interest is paid, as well as flagging if customers aren’t meeting recommended repayments.

Amon Ghaiumy, CEO and Co-Founder of Ophelos, said: “Yonder is a prime example of the type of business we aspire to work with, transforming access to finance for millions of ‘credit invisibles’. By taking an ethical and technology-first approach to debt resolution with Ophelos, Yonder can ensure their customer-first approach is reflected across the entirety of their business.”

Tim Chong, CEO and Co-Founder of Yonder, said: “Working with Ophelos was an obvious choice for us and a natural extension to our offering at Yonder. We’re working hard to build a financial product that genuinely works for our customers and their lifestyles, but also want to be the most supportive organisation we can around circumstances that are out of our control. Ophelos’ machine learning capabilities will be invaluable for us to identify and support our customers that may find themselves behind on payments while building positive relationships around resolution and their financial health.”