Yendo, a Dallas, TX-based provider of a vehicle-secured credit card, raised $165M in debt financing.
i80 Group provided $150M in debt financing while Yendo also raised $15M in equity from undisclosed strategic investors.
The company intends to use the funds for the growth of originations on its platform, which will enable the company to extend credit to more Americans at affordable rates.
Founded in 2021 by Jordan Miller, George Utkov, and Daniel Ashy, Yendo provides a vehicle-secured credit card with prime rates to the millions of Americans who have historically lacked access to the financial system because of their credit score. Through it, underserved consumers can tap into the equity of their car to gain access to up to $10K of revolving credit at interest rates comparable to unsecured super-prime credit cards.
Today, the card is also available to customers who do not yet own their vehicle but choose to refinance their auto loan through Yendo. As customers pay down their auto loans each month their Yendo credit card availability increases proportionally.
Yendo is currently available in 40 states across the U.S. In 2023, the company closed its Series A financing, led by FPV Ventures, and grew its business by over 700%.
FinSMEs
17/05/2024