Texas-based Otto has raised $4.5m from a seed funding round led by venture capital firm Uncommon.
The round also saw noticeable backing from famous billionaire investor Mark Cuban as well as financing from Bloom VP, 1930 Capital, Pelion Venture Partners and Spacecadet Ventures.
Otto is a FinTech startup that is aiming to be the world’s first asset-backed revolving credit product that makes inclusive lending decisions agnostic of credit score and provides standard interest credit through a mobile platform for owners of vehicles.
Once users are approved to use the platform, they receive a new Otto credit card that can be used for building credit. The company makes money through receiving interchange fees and interest.
The company has claimed it plans to launch the platform in early 2022.
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