Mark Cuban-Backed Fintech Startup Yendo Raises $50 Million To Create AI Bank Serving Millions Locked Out Of Traditional Lending
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Fintech startup Yendo on Oct. 9 announced it raised $50 million in Series B funding to accelerate the growth of its artificial intelligence–driven credit platform.
The round included high-profile investors such as Mark Cuban, Spice Expeditions, Autotech Ventures, FPV Ventures, Pelion Venture Partners, and Clocktower Technology Ventures. The Dallas-based company said the funding will fuel the creation of an AI-powered digital bank designed for millions of Americans who remain underserved by traditional financial institutions.
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Lyft Co-Founder Logan Green Joins Board After Series B Close
Logan Green, who co-founded Lyft (NASDAQ:LYFT) and serves as venture partner at Autotech Ventures, will join Yendo’s board. Spice Expeditions founder Nick Huber will also take a board seat, according to Yendo.
Yendo co-founder and CEO Jordan Miller said the company aims to revolutionize consumer finance. “Our patented AI systems prove it’s possible to unlock trapped asset equity safely and affordably at scale,” Miller said in Yendo's statement. “They cut onboarding and operating costs by orders of magnitude, opening up the most powerful credit products in the market to underserved consumers.”
Miller added that the platform has already saved customers hundreds of millions of dollars while delivering higher credit access.
Founded in 2021 by Miller, George Utkov, and Daniel Ashy, Yendo targets the estimated 65 million Americans who lack access to mainstream credit products. The company plans to roll out new products in the current quarter.
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AI Technology Cuts Lending Costs By 95% For Vehicle-Backed Credit Cards
Yendo’s proprietary AI handles underwriting, asset verification, and lien filings in seconds. According to the company, traditional lenders take weeks to complete these same processes at costs reaching hundreds of dollars per application.
Yendo said it has reduced origination costs by up to 95%, making it economically viable to serve borrowers that traditional banks frequently reject.
Yendo taps into more than $4 trillion in equity from vehicles and homes owned by nonprime consumers. Customers receive credit limits up to eight times higher than traditional secured cards, alongside industry-leading interest rates and rewards typically reserved for borrowers with excellent credit, according to Yendo.
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