Otto rebrands to Yendo

Otto, an emerging startup operating in the space of car-equity lending, has closed a $60 million debt financing round.

Founded in 2021, the Dallas-based company now goes by the name Yendo . It’s in the process of building a platform for people to borrow against their vehicles at a 24.99% interest rate and up to $10,000. “While $3T worth of vehicles are owned outright in the U.S., tens of millions of their owners are denied by traditional lenders. We are unlocking the value in those vehicles to provide sustainable credit for those that need it most.”

The news comes after the company closed a $4.5 million seed round last year that was led by Uncommon, with participation from Pelion Venture Partners, 1930 Capital, Bloom VP, Spacecadet Ventures, Mark Cuban, and other angel investors.

The company is a team of 43 people, according to LinkedIn.