{"id":290113,"date":"2025-10-09T20:23:20","date_gmt":"2025-10-09T20:23:20","guid":{"rendered":"https:\/\/www.europesays.com\/us\/290113\/"},"modified":"2025-10-09T20:23:20","modified_gmt":"2025-10-09T20:23:20","slug":"cuban-backed-dallas-based-yendo-raises-50m-series-b-to-fuel-its-ai-credit-platform-dallas-innovates","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/us\/290113\/","title":{"rendered":"Cuban-Backed, Dallas-Based Yendo Raises $50M Series\u00a0B To\u00a0Fuel Its AI Credit Platform \u00bb Dallas Innovates"},"content":{"rendered":"

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Yendo Co-Founder and CEO Jordan Miller [Inset Photo via LinkedIn]<\/p>\n

Yendo\u2014a Dallas company that offers the \u201cfirst-ever\u201d credit card secured by its customer\u2019s vehicles\u2014has announced a $50 million Series B funding round. The new round includes investors Spice Expeditions, Autotech Ventures, FPV Ventures, Pelion Venture Partners, Mark Cuban, and Clocktower Technology Ventures, among others. <\/strong><\/p>\n

Yendo said the new funding will accelerate its expansion beyond secured lending, as it builds an \u201cAI-powered digital bank\u201d for the millions of Americans underserved by traditional financial institutions. As part of the Series B, Lyft Co-founder Logan Green and Spice Expeditions founder Nick Huber will join Yendo\u2019s board of directors, the company said.<\/p>\n

The new funding more than doubles the $24 million Series A round<\/a> Yendo raised in 2023, which was led by FPV Ventures along with existing investors Human Capital and Autotech Ventures.<\/p>\n

In 2024, Yendo raised a further $165 million in debt and equity<\/a> to expand its platform, including $150 million in debt financing led by the i80 Group and $15 million in equity funding from undisclosed strategic investors.<\/p>\n

Dallas billionaire investor Mark Cuban\u00a0backed Yendo<\/a> (which was originally known as Otto) through its seed and Series A funding rounds as the company set out to disrupt subprime lending with more affordable vehicle-secured credit products.<\/p>\n

Founded in 2021 by Miller, George Utkov, and Daniel Ashy, Yendo allows people to borrow against the equity in their vehicles, offering Mastercard-branded credit cards with up to a $10,000 credit limit at \u201can affordable rate.\u201d Its customers\u2014among the millions of Americans who previously lacked access to the financial system because of their credit score\u2014have an average card limit of around $4,000.<\/p>\n

Planning \u2018a wave of launches\u2019 in Q4 2025<\/p>\n

\u201cWe\u2019re on a mission to transform consumer finance,\u201d Co-Founder and CEO Jordan Miller said in a statement released today. \u201cOur patented AI systems prove it\u2019s 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\u2019s already saved people hundreds of millions while providing significantly higher credit access. We\u2019re well on our way to creating equity of financial opportunity for over 65 million Americans.\u201d<\/p>\n

Yendo says its asset-backed credit cards are unlocking $4 trillion of \u201ctrapped equity\u201d from cars and homes, offering access to credit products typically reserved for super-prime customers. And now Yendo says it\u2019s preparing \u201ca wave of launches\u201d in Q4 2025, moving it closer to its vision of building an inclusive digital bank for those long ignored by traditional lenders.<\/p>\n

AI automates application process \u2018in seconds\u2019<\/p>\n

Powered by Yendo\u2019s proprietary AI, the company says it automates underwriting, asset verification, and lien filings \u201cin seconds,\u201d replacing processes that typically take legacy lenders weeks and cost hundreds of dollars.<\/p>\n

The company says its system slashes origination costs by up to 95%, making it possible to profitably serve borrowers who are often overlooked by banks. The same tech also generates \u201crobust digital identities,\u201d the company says, strengthening defenses against AI-powered fraud.<\/p>\n

By leveraging Yendo\u2019s services, customers gain access to \u201cindustry-leading rates, rewards, and credit limits up to 8x higher than traditional offerings,\u201d the company said.<\/p>\n

One in three people lack access to \u2018meaningful credit\u2019<\/p>\n

Yendo says it\u2019s addressing a \u201csilent crisis\u201d in American finance, citing the fact that one in three people are denied access to meaningful credit and struggle to obtain even basic banking products.<\/p>\n

The company calls these nonprime Americans \u201cthe underserved majority.\u201d To date, Yendo claims it has saved its customers over $200 million in interest and fees, while growing at double-digit percentages every month.<\/p>\n

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\tR E A D\u00a0\u00a0 N E X T\t<\/p>\n