US fintech Yendo secures $165m in mix of debt financing and equity
US fintech Yendo, which claims to offer the world’s “first-ever vehicle-secured” credit card, has raised $165 million in a mix of debt financing and equity.
Yendo secures $165m in mix of debt financing and equity
The firm has received $150 million in debt financing led by New York-based investment firm i80 Group and an additional $15 million in equity funding from unnamed strategic investors.
Launched in 2022 and based in Dallas, Texas, Yendo enables underserved consumers to access the equity in their cars instead of relying on their credit scores, allowing individuals to obtain up to $10,000 in revolving credit at interest rates comparable to those of unsecured super-prime credit cards.
Yendo plans to use the new cash injection to introduce new products, fuel customer growth, and accelerate the expansion of its services across all 50 US states.
Jordan Miller, CEO and founder of Yendo, states the funding will help fuel the firm’s “aggressive roadmap for 2024”, enabling the company to “expand access to affordable credit to more Americans in more geographies”.
Earlier this year, i80 Group expanded internationally by investing in Barcelona-based ID Finance. The firm provided $150 million in debt financing to the Spanish fintech, enabling it to accelerate the growth of its flagship financial wellbeing app, Plazo.
