As inflation and interest rates continue to rise, digital banking alternative Yondr is stepping up to help Australians save on hidden fees and budget better.

Backed by former ANZ CEO Mike Smith, the fintech startup was developed and founded by Shane Chanel in 2018.

Bringing more than 15 years of experience in finance and banking to the table, Shane came up with a solution to common inconveniences Australians experience with traditional banking.

“Paying expensive international and hidden fees, getting poor exchange rates and using apps that lack personalisation and technological capabilities are some ongoing issues, to name a few,” Shane tells Startup Daily.

“I saw the combined pain points as an opportunity to create a more customer-focused digital banking alternative. My goal was to help individuals like myself better understand spending habits via smart automated tools. By addressing the common frustrations faced with traditional players, we can empower Australians to learn and save.”

What is Yondr?

Combining digital banking with budgeting tools, Yondr aims to provide users with a comprehensive financial management solution. Its card payment platform provides features and insights to help customers monitor spending patterns, and stick to limits and budget plans. Users can create budget buckets with virtual cards and use sophisticated spending analytics to make informed financial decisions.

Focusing on the everyday spending front, Yondr offers no international transaction fees, bank-beating exchange rates and retail discounts with partners.

One of the key features is the multi-currency wallet, which can carry up to 25 different currencies at once. It has auto-sweeping technology that converts most local currencies at better-than-bank exchange rates if you accidentally forget to convert your cash before you travel.

As international travel costs continue to skyrocket, Aussie travellers who join Yondr may save significant amounts of cash and feel more in control of their spending, thanks to its features.

Yondr’s physical and virtual cards are powered by Visa. Image: Supplied.

One customer’s review gives an example of a recent trip to Singapore in which a money exchange store displayed an exchange rate of 0.77 compared to Yondr’s rate of 0.89 – a difference of 15 per cent.

“Another customer had his wallet stolen in Turkey. He was able to block his physical card from his Yondr app, add a new virtual card, add it to Apple Pay and continue on his trip,” Shane explains. “Alternatively, he would have had to wait for a new card or find a way to get his family to wire him some money to withdraw.”

Budget tool for the cost of living

Travel is just one part of the picture. Yondr’s main purpose is to help everyday Australians feel more in control of their spending and find ways to ease the pressure of the current cost of living crisis.

Shane notes that beyond travel, Yondr also caters to everyday transactional customers.

“These customers use Yondr to budget, monitor, and stick to their monthly spending plans,” he says. “As more features and offers are planned to come out soon, the team at Yondr is excited to continue innovating and pioneer a better banking experience.”

Yondr launched its beta version to the public in February 2022 and has already had nearly 5000 app downloads of the digital banking alternative.

“In the last quarter of 2022, our new customers grew by 450 per cent,” Shane says. “We attribute the growth to our new app interface and various other product updates, which has resonated well with the Australian market.”

It’s a promising start as consumers continue to gravitate towards intelligent and interactive options disrupting traditional banking systems.

“It’s not just one specific issue that customers face with traditional banks, but rather the accumulation of several complaints that become a frustration,” Shane observes. “It’s an exciting time for banking customers as technology-led solutions drive up customer expectations and minimum standards.”

Yondr and beyond

While Yondr is planting its roots in Australia first and foremost, the goal is to expand to other areas of the Asia-Pacific down the line.

Mike Smith, who was the CEO of ANZ from 2007 to 2015, is on board with Shane’s vision of scaling the fintech.

“Mike is very passionate about both banking and the region. He joined our board after a conversation where he saw alignment with our vision and customer-driven strategy,” Shane says.

“Asia has experienced impressive growth over the past decade and we anticipate that this trend will continue. This presents a significant opportunity for companies that are able to effectively tap into this market and execute well.”

In the short term, Yondr has its sights set on growing locally and launching innovative products and features, including lending capabilities, while providing a compelling alternative to traditional banking.

Download Yondr now at www.yondr.money or contact Yondr to find out more.

This article is brought to you by Startup Daily in partnership with Yondr.