Ophelos teams up with credit card startup Yonder for ethical debt resolution
By Joy Dumasia
- Card payments
- Credit card
The partnership will see Ophelos transform the way Yonder handles support for customers who may find themselves in arrears. The startup, dedicated to building a modern credit solution, chose Ophelos because it reflected Yonder’s business values centered on fairness, transparency and respect for the customer. Ophelos’ machine learning-powered debt resolution platform will help Yonder identify and support more customers in financial difficulty, resolving more accounts on their own. Customers will also have the option to settle their outstanding balances in more manageable installments through personalized repayment plans.
Founded in 2021, Yonder is a company rebuilding the modern credit card from the ground up. With around 5 million people in the UK defined as “invisible credit”, Yonder uses Open Banking to assess credit adequacy and allows these people to apply for a credit card without a UK credit score. With barely half of the 13 million millennials living in the UK owning a credit card product, Yonder wants to improve 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 reporting if customers do not meet recommended repayments.
Amon Ghaiumy, CEO and co-founder of Ophelosmentioned: “Over there is a great example of the type of company we aspire to work with, transforming access to finance for millions of ‘invisible credits’. By taking an ethical and technology-driven approach to debt settlement with Ophelos, Yonder can ensure that its customer-centric approach is reflected throughout its business.”
Tim Chong, CEO and co-founder of Yondermentioned: “Working with Ophelos was an obvious choice for us and a natural extension of our offering at Yonder. We work hard to create a financial product that truly works for our customers and their lifestyles, but we also want to be the most supportive organization possible in the face of circumstances beyond our control. The machine learning capabilities of Ophelos will be invaluable to us in identifying and supporting our customers who may be in arrears while building positive relationships around resolution and their financial health.
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