$165 million in debt financing was raised by Dallas, Texas-based Yendo, a supplier of a credit card backed by a vehicle.
Investors
- In addition to raising $15 million in equity from unidentified strategic investors
- Yendo received $150 million in debt financing from i80 Group
Use of funds
The money will be used by the business to expand originations on its platform, which will allow it to provide credit at reasonable rates to a larger number of Americans.
Customers who wish to refinance their auto loan with Yendo but do not yet possess a car can now apply for the card. Customers’ eligibility for Yendo credit cards rises in direct proportion to the amount they pay down on their vehicle loans each month.
Yendo is presently accessible in forty states in the United States. The firm expanded by more than 700% after the company closed its Series A funding in 2023, which was headed by FPV Ventures.
About Yendo
Established in 2021 by Daniel Ashy, George Utkov, and Jordan Miller, it offers prime-rate credit cards backed by vehicles to millions of Americans who have traditionally been denied entry to the financial system due to their credit score. Underserved people can use it to get up to $10,000 in revolving loans at interest rates similar to unsecured super-prime credit cards by using the equity in their automobile.
