DALLAS--(BUSINESS WIRE)--Yendo, the company that created the first-ever vehicle-secured credit card, today announced the closing of its $24 million in Series A financing, led by FPV Ventures, along with existing investors Human Capital and Autotech Ventures. This marks a significant milestone for Yendo, a company that provides a prime credit offering to the millions of Americans who previously lacked access to the financial system because of their credit score. The funding will fuel the next phase of growth for Yendo, enabling the company to make key hires, enhance the product experience and help more people by expanding into more states. As part of the deal, lead investor Wesley Chan will join the board.
Yendo is on a mission to provide broader access to affordable credit so everyone has the opportunity to achieve their financial goals. With Yendo, consumers who own their car can tap into the value of their vehicle to gain access to up to $10,000 in revolving credit at a fixed, affordable rate, agnostic of their credit score. The company determines a person’s credit limit based on factors including their income and expenses, as well as the value of their vehicle. This provides equal opportunity to people who have historically been excluded from the traditional credit system and gives them the ability to establish and build credit. This is important to Yendo’s customers, as 90% cite building credit as a significant driver for applying for the product.
“The current financial system is not set up to serve everyone. As a result, millions of Americans lack access to affordable lending options, leading many to rely on high-interest, non-bank financial products, which costs them billions of dollars annually,” said Jordan Miller, CEO and co-founder of Yendo. “We want to transform the way Americans interact with financial services by building a product that can expand access to affordable credit, regardless of consumers’ credit scores. We’re confident this funding will help expedite our growth so we can continue to scale our business and product to help more people.”
“We're excited to partner with Jordan and the Yendo team,” said Wesley Chan, co-founder & managing partner of FPV Ventures. “Jordan is a brilliant product developer who has created a product that provides access to affordable credit to a population of consumers who have historically had terrible lending options, if any. This helps level the playing field for consumers and we're thrilled to back this mission and team.”
Today, Yendo is saving its customers over $85,000 in interest each day and has grown its customer base by 15% week-over-week since launching last year. The Yendo card is the first of a suite of financial products being developed by Yendo to serve Americans who have been underserved by the current financial system.
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.