Mark Cuban-Backed Subprime Card Startup Raises $50 Million (1)

Consumers with credit scores that hover at or below 600 don’t have many options to access credit. There are costly payday loans, with their exorbitant annual interest rates, and not much else.

Jordan Miller, a Texas-based entrepreneur, is proposing an alternative in the form of a credit card with a fixed interest rate of 29.88%, capped at $10,000 and secured by a vehicle whether it’s fully paid off or not.

And his venture, called Yendo, is attracting investors: The firm closed a $50 million funding round on Monday from investors including Mark Cuban, FPV Ventures, Spice Expeditions, AutoTech Ventures ...