Yendo, a FinTech company recognized for launching the first vehicle-secured credit card, has secured $50 million in a Series B funding round. This investment is earmarked to accelerate the company’s expansion into digital banking services, aiming to address the needs of consumers traditionally overlooked by the financial system.

Key investors in the round included Spice Expeditions, Autotech Ventures, FPV Ventures, Pelion Venture Partners, Mark Cuban, and Clocktower Technology Ventures. As part of this funding agreement, Logan Green, co-founder of Lyft and a venture partner at Autotech Ventures, along with Nick Huber, founder of Spice Expeditions, will join Yendo’s board of directors.

Founded in 2021 by Jordan Miller, George Utkov, and Daniel Ashy, Yendo was established with the mission to provide accessible credit to Americans with limited or non-existent credit histories. The company’s existing platform enables users to obtain up to $10,000 in revolving credit, secured by their vehicle, swiftly through a smartphone.

With the new capital, Yendo plans to transition from a secured lending provider into a comprehensive AI-powered digital bank. The company has announced plans to introduce new products in late 2025, aligning with its goal to build an inclusive financial ecosystem for what it identifies as the underserved majority.

Yendo’s operational model leverages proprietary AI technology to automate essential processes such as underwriting, asset verification, and lien filings. These tasks, which typically demand weeks and incur significant costs for traditional lenders, are streamlined by Yendo’s system, leading to up to a 95% reduction in origination costs. This efficiency allows Yendo to serve customers profitably while offering competitive rates and credit limits that can be up to eight times higher than those of standard credit cards.

Jordan Miller, CEO and co-founder of Yendo, commented on the company’s direction, stating, “We’re on a mission to transform consumer finance. Our patented AI systems prove it’s 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’s already saved people hundreds of millions while providing significantly higher credit access. We’re well on our way to creating equity of financial opportunity for over 65 million Americans.”