Yendo Secures $200M for AI-Powered Asset-Backed Credit

- This $200 million commitment from i80 Group is a debt facility designated for new credit card originations. This follows Yendo's $50 million Series B in October 2025 and a previous $150 million debt financing from i80 Group in May 2024. - Yendo's core product is a Mastercard-branded credit card secured by the equity in a consumer's vehicle, offering credit limits up to $10,000. The company's AI-powered platform automates underwriting, asset verification, and lien filings, which it claims reduces origination costs by up to 95% compared to traditional lenders. - The company was founded in 2021 by Jordan Miller, George Utkov, and Daniel Ashy and was originally named Otto. Notable early investors include Dallas Mavericks owner Mark Cuban. - By using their vehicle as collateral, Yendo customers can receive credit limits that are, on average, eight times higher than what they might obtain with unsecured cards. - The i80 Group is a private investment firm specializing in asset-based credit solutions for companies. This deal is significant as it comes during a broader slowdown in the private debt market, which saw the lowest number of new credit vehicle closings in at least five years. - Yendo plans to use the capital to expand its services to all 50 states and to evolve from a secured lender into a broader AI-powered digital bank for consumers who are underserved by traditional financial institutions. - The deal highlights the growing intersection of AI and real-world asset (RWA) tokenization, where AI is used to improve the efficiency of valuing, managing, and creating liquidity for tokenized physical assets. - Yendo has reported saving its customers over $150 million in interest and fees compared to alternative lending options and operates in 45 states.