Yendo, a Dallas, TX-based provider of a vehicle-secured credit card, has successfully raised $165m in debt financing.
According to FinSMEs, the financing round saw i80 Group provide $150m in debt financing, while an additional $15m in equity was raised from undisclosed strategic investors.
Founded in 2021 by Jordan Miller, George Utkov, and Daniel Ashy, Yendo offers a vehicle-secured credit card with prime rates to millions of Americans who have historically lacked access to the financial system due to their credit scores.
By leveraging the equity in their cars, underserved consumers can access up to $10k of revolving credit at interest rates comparable to unsecured super-prime credit cards. The card is also available to customers who refinance their auto loans through Yendo, with credit availability increasing as they pay down their auto loans each month.
The company plans to use the new funds to grow originations on its platform, allowing it to extend credit to more Americans at affordable rates. Yendo’s vehicle-secured credit card is currently available in 40 states across the U.S.
In 2023, Yendo closed its Series A financing round, led by FPV Ventures, which helped the company grow its business by over 700%.
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