Loans connected with vehicle titles aren’t new. But Yendo announced a $50 million Series B funding round on Thursday to fuel its efforts to grow as a company that claims to be behind the first-ever vehicle-secured credit card.

According to a news release, the investors participating in this fund round include Spice Expeditions, Autotech Ventures, FPV Ventures, Pelion Venture Partners, Mark Cuban, and Clocktower Technology Ventures, among others.

The company said the funding will accelerate Yendo’s expansion beyond secured lending as it builds an artificial intelligence-powered digital bank for the millions of Americans underserved by traditional financial institutions.

As part of the raise, Logan Green, co-founder of Lyft and venture partner at Autotech Ventures, and Spice Expeditions founder Nick Huber will join Yendo’s board of directors.

Yendo highlighted its asset-backed credit cards are opening doors for underserved Americans.

By unlocking $4 trillion of trapped equity from cars and homes, the company provides access to credit products typically reserved for super-prime customers.

Building on this momentum, the company is preparing a wave of launches during the fourth quarter moving Yendo closer to its vision of building an inclusive digital bank for those long ignored by traditional lenders.

“We’re on a mission to transform consumer finance,” Yendo CEO and co-founder Jordan Miller said in the news release. “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,” Miller continued.

Powered by proprietary AI, Yendo said it can automate underwriting, asset verification, and lien filings in seconds; “processes that typically take legacy lenders weeks and cost hundreds of dollars.”

Yendo claimed its system can slash origination costs by up to 95%, making it possible to profitably serve borrowers banks often overlook.

The company added that same technology also can generate robust digital identities, strengthening defenses against the rise of AI-powered fraud.

Through these innovations, Yendo said its customers can gain access to industry-leading rates, rewards, and credit limits up to eight times higher than traditional offerings.

“Yendo is addressing the silent crisis in American finance,” the company said. “One in three people are denied access to meaningful credit and struggle to obtain even basic banking products.

“By harnessing the more than $4 trillion in untapped assets held by non-prime Americans, Yendo is reshaping consumer finance for the underserved majority,”
the company went on to say, mentioning that it has saved customers more than $200 million in interest and fees while growing at double-digit percentages every month.