https://techcrunch.com/2021/10/07/mark-cuban-backed-otto-raises-4-5m-to-turn-car-equity-into-credit/

Otto, a fintech startup which aims to allow people to tap into their vehicle’s equity for access to credit, has raised $4.5 million in a seed round of funding.

The Dallas-based company is building a mobile platform that will essentially let people borrow against their vehicles at the same interest rate as standard credit cards. But unlike other cards, Otto will not charge fees or overdraft charges, and will not require applicants to supply their FICO credit scores. Users will be able remotely verify and collateralize their cars through Otto’s mobile platform, which is set to launch in early 2022.