Fintech innovator and creator of the first vehicle-secured credit card, raises $50M to accelerate its expansion into digital banking

DALLAS: Yendo, the company behind the first-ever vehicle-secured credit card, today announced a $50 million Series B funding round including investors Spice Expeditions, Autotech Ventures, FPV Ventures, Pelion Venture Partners, Mark Cuban, and Clocktower Technology Ventures, among others. The funding will accelerate Yendo’s expansion beyond secured lending as it builds an AI-powered digital bank for the millions of Americans underserved by traditional financial institutions. As part of the raise, Logan Green, Co-founder of Lyft and Venture Partner at Autotech Ventures, and Spice Expeditions founder Nick Huber will join Yendo’s board of directors.

Yendo’s asset-backed credit cards are opening doors for underserved Americans. By unlocking $4 trillion of trapped equity from cars and homes, the company provides access to credit products typically reserved for super-prime customers. Building on this momentum, the company is preparing a wave of launches in Q4 2025 – moving Yendo closer to its vision of building an inclusive digital bank for those long ignored by traditional lenders.

“We’re on a mission to transform consumer finance,” said Jordan Miller, CEO and co-founder of Yendo. “Our patented AI systems prove it’s possible to unlock trapped asset equity safely and affordably at scale. They cut onboarding and operating costs by orders of magnitude, opening up the most powerful credit products in the market to underserved consumers. This funding accelerates our vision of building the bank for the underserved majority, a platform that’s already saved people hundreds of millions while providing significantly higher credit access. We’re well on our way to creating equity of financial opportunity for over 65 million Americans.”

Powered by proprietary AI, Yendo automates underwriting, asset verification, and lien filings in seconds – processes that typically take legacy lenders weeks and cost hundreds of dollars. Yendo’s system slashes origination costs by up to 95%, making it possible to profitably serve borrowers banks often overlook. The same technology also generates robust digital identities, strengthening defenses against the rise of AI-powered fraud. Through these innovations, customers gain access to industry-leading rates, rewards, and credit limits up to 8x higher than traditional offerings.

Yendo is addressing the silent crisis in American finance. One in three people are denied access to meaningful credit and struggle to obtain even basic banking products. By harnessing the more than $4 trillion in untapped assets held by nonprime Americans, Yendo is reshaping consumer finance for the underserved majority. To date, the company has saved customers over $200 million in interest and fees while growing at double-digit percentages every month.

About Yendo

Founded in 2021 by Jordan Miller, George Utkov, and Daniel Ashy, Yendo is the first-ever vehicle-secured credit card created for the millions of Americans who have historically lacked access to the financial system because of their credit score, or lack thereof. All customers need to get started with Yendo is a smartphone and a car. In less than 10 minutes, consumers can get up to $10,000 in revolving credit at a fixed, affordable rate, agnostic of their credit score. To learn more about how Yendo is making finances more accessible visit https://www.yendo.com.

Fonte: Business Wire