Mark Cuban-Backed Fintech Startup Yendo Raises $50 Million To Create AI Bank Serving Millions Locked Out Of Traditional Lending

Core Insights - Yendo, a fintech startup, raised $50 million in Series B funding to enhance its AI-driven credit platform aimed at underserved consumers in the U.S. [1][2] Funding and Investors - The Series B funding round included notable investors such as Mark Cuban, Spice Expeditions, Autotech Ventures, FPV Ventures, Pelion Venture Partners, and Clocktower Technology Ventures [2][3] Company Vision and Technology - Yendo's CEO, Jordan Miller, stated the company's goal is to revolutionize consumer finance by utilizing patented AI systems to unlock asset equity safely and affordably at scale [4] - The platform has reportedly saved customers hundreds of millions of dollars while improving access to credit [4] Target Market - Founded in 2021, Yendo focuses on the approximately 65 million Americans who lack access to mainstream credit products [5] - The company plans to introduce new products in the current quarter [5] Cost Efficiency - Yendo's proprietary AI technology significantly reduces origination costs by up to 95%, making it feasible to serve borrowers often rejected by traditional banks [6] - The company claims to tap into over $4 trillion in equity from vehicles and homes owned by nonprime consumers [6] Credit Offerings - Customers can receive credit limits up to eight times higher than those offered by traditional secured cards, along with competitive interest rates and rewards typically available to borrowers with excellent credit [6]