Yendo, a Dallas, TX-based provider of a vehicle-secured credit card, has successfully raised $165 million in debt financing. This includes $150 million from i80 Group and an additional $15 million in equity from undisclosed strategic investors.
The company plans to use these funds to expand the originations on its platform, enabling it to extend credit to more Americans at affordable rates. Yendo, founded in 2021 by Jordan Miller, George Utkov, and Daniel Ashy, offers a unique vehicle-secured credit card. This card provides prime rates to millions of Americans who have historically been excluded from the financial system due to their credit scores.
By leveraging the equity in their vehicles, underserved consumers can access up to $10,000 in revolving credit with interest rates comparable to those of unsecured super-prime credit cards.
In addition to offering credit to vehicle owners, Yendo’s credit card is available to customers who refinance their auto loans through the company. As customers pay down their auto loans, their credit card availability increases proportionally, providing a flexible financial solution.
Currently, Yendo operates in 40 states across the U.S. The company closed its Series A financing in 2023, led by FPV Ventures, and has since experienced a growth rate exceeding 700%.
This significant funding will further support Yendo’s mission to provide accessible credit solutions to underserved consumers.
