Otto is building a mobile platform that lets underbanked consumers remotely verify and collateralize their vehicles to access credit secured by car equity. The app will enable users to get pre-approved within minutes for credit at interest rates capped at 24%, without requiring FICO scores, charging fees, or overdraft charges. Users activate an Otto credit card via company-provided hardware and the product reports repayment to all three major credit bureaus to help build credit. Otto plans to launch the platform in early 2022 and intends to generate revenue through interchange fees and interest. The product includes tailored repayment plans, vehicle trade-in options, and a stated policy to avoid repossession unless all other options are exhausted. The company was founded by George Utkov, Jordan Miller and Daniel Ashy and is based in Dallas.

Total raised

$5M

Funding rounds

1

Latest round

Seed

Latest activity

Oct 2021