Tuesday, June 25, 2024 Jun 25, 2024
94° F Dallas, TX
Advertisement
Business

Vehicle-Backed Credit Card Company Yendo Raises $165 Million in Capital

Plus, EV+ and CBRE partner to expand EV charging network, DP World opens new office in Dallas, Subaru of America taps Dallas for business center and distribution expansion, and more.
|
Image
Photography courtesy of Yendo

Yendo, the startup behind the first-ever vehicle-secured credit card, has closed $150 million in debt financing led by i80 Group. This financing will fuel customer growth, introduce new products, and expedite the expansion of Yendo’s offerings across all 50 states—right now, it currently has customers in 40 states. The funds will primarily support the growth of originations on Yendo’s platform, enabling the company to extend credit to more Americans at affordable rates. 

“We’ve proven there’s a need for a product like Yendo in the market and this round of debt financing from i80 Group will enable us to expand access to affordable credit to more Americans in more geographies,” Yendo Founder and CEO Jordan Miller said. “We have an aggressive roadmap for 2024 and this credit facility will allow us to deliver on our mission and focus on what matters most—delivering the best products and experiences to our customers.”

In addition to the debt financing, Yendo has raised $15 million in equity from undisclosed strategic investors. To date, Yendo has saved its customers over $50 million in interest and fees compared to alternative lending products. Yendo closed its Series A financing in 2023, led by FPV Ventures, and has grown its business by over 700 percent since then.

 “We are looking at bank accounts, savings accounts, sending money internationally—the full financial suite,” Miller said. “We want to be the financial service provider for those the financial system has ignored.”  

Subaru of America Expanding North Texas Operations with Business Center in Coppell

Subaru of America plans to expand its operations in DFW, including relocating its central region office and establishing a new customer support center in Coppell. The new Dallas business center will be co-located with Subaru’s existing distribution and training facility as part of a 200,000-square-foot expansion project with Prologis, a leader in logistics real estate. 

“We are excited to expand our footprint and capabilities in the southern U.S., further supporting our customers and retailer network,” Subaru of America President and COO Jeff Walters said.” Dallas is a vibrant area with diverse talent that will add fresh perspectives and further enhance our company culture.”

Subaru anticipates the expansion to be completed by late 2024 and ready for occupancy by early 2025.

Approximately 30,000 square feet of this space will be dedicated to the automaker’s central region sales and marketing operations, currently based in Itasca, Illinois, along with the DFW zone office. With an estimated 100 employees, the new Dallas business center will become one of the largest Subaru of America team locations, following its HQ in New Jersey.

CBRE, EV+ Launch Partnership to Expand EV Charging Network

EV+, a provider of on-site electric vehicle charging infrastructure solutions, has partnered with CBRE to deploy electric vehicle charging systems at 10,000 U.S. commercial properties over the next five years. This initiative targets multifamily complexes, hotels, and healthcare facilities. 

“Of primary concern to EV drivers these days is convenient access to reliable charging stations at locations where they spend time—and this partnership is focused on filling that need,” Global Head of Real Estate for CBRE EV Solutions Jim Hurless said. “Expanding the charging network with EV+ in this manner will help to spur more EV adoption as well as provide property owners with a coveted amenity to serve their customers.”

Turnkey EV+ charging stations will be installed and ready to operate with no ongoing responsibilities for property owners. EV+ offers end-to-end charging infrastructure solutions featuring integrated hardware, software, and networking systems. The company aims to simplify EV charging for property owners. CBRE will assist EV+ with site acquisition, grant and incentives work, project management, installation, and ongoing operation and maintenance of the charging stations.

 Exceleron Software and PayGo Utilities Merge to Create Empower Grid Holdings

Exceleron Software and PayGo Utilities have merged their business operations to form Empower Grid Holdings, backed financially by Moore Strategic Ventures, Bahman Hoveida’s Accurant International, and Avista Development, a wholly owned, non-regulated subsidiary of Avista Corp. 

“This is a timely opportunity to accelerate innovation for the more than 75 utilities and their customers served by the combined entity across 23 states,” Exceleron Founder and CEO Bob Crenshaw said. “Both teams deliver solutions driving higher engagement, energy savings, and extremely high customer satisfaction. There is no limit to what we can do together to deliver the right outcomes for the combined customer base as the utility industry faces growing demand requirements, rising costs, and higher customer expectations.” 

Both companies are active in international markets, including Exceleron’s established team and pipeline in the rapidly evolving Indian prepay market. “Energy and water utilities need affordable billing and payments solutions that help customers control energy and water spend,” PayGo CEO Jeff Weiser said. “Both companies’ prepay programs lower customer energy costs by as much as 15 percent while delivering customer satisfaction that is significantly higher than traditional billing. We are excited about offering customers new features from Exceleron, and expanding our impact on energy choice and efficiency,”

Despite the merger, the companies will continue to market under their respective brands. Crenshaw will serve as executive chair & co-CEO, while Weiser will also serve as co-CEO, and Ravi Raju will take on the role of COO.

 DP World Opens New Office in Dallas Amidst Global Expansion Campaign

DP World, a global supply chain solutions company, has begun expanding its North American freight forwarding network with two new offices in Texas, located in Dallas and Houston. These new additions are part of DP World’s global expansion of its freight forwarding network, a campaign launched earlier this year.

“Our focused expansion will provide more value to our customers, enabling seamless access to our network within North America,” DP World Americas SVP of Freight Forward Terry Donohoe said. “With decades of trade expertise across the entire supply chain, we are well-positioned to efficiently move goods while ensuring resilience and end-to-end visibility for our customers.”

Since mid-2023, the company has established over 100 new freight forwarding offices worldwide, including 15 new locations in the Americas. DP World plans to open a total of 180 offices worldwide, further expanding its network of more than 430 business units in 86 countries. Future office openings are scheduled across the United States, as well as in Mexico City; Buenos Aires, Argentina; and Itajai, Brazil. 

Author

Bridget Reis

Bridget Reis

View Profile
Advertisement