Information
About company
Otto, or New Foundation Labs, Inc., is a bill payment service helping its customers to manage bills automatically. It was founded in 2020 by Andy Burke and Max Klein, the company’s CEO. The headquarters of Otto are in Los Angeles, California.
The company offers virtual payment cards serviced by Mastercard so its customers can safely pay the bills on their bank statements with no fees.
Pros and cons
Pros
- No credit checks
- The company doesn’t issue fees or interest
- You will get an Otto Card, a separate card for bill payments securing your bank account
- You can make monthly payments following a convenient schedule.
Cons
- There is no option to borrow money even for a short period
- You have to provide your bank account info
- There are not many details on the service.
Terms and conditions
Otto has only one service: a bill payment platform. You apply for the service and get a virtual card. This Otto Mastercard will enable you to make payments on your monthly bills when they come due. Otto notifies you of the due payments.
The company doesn’t issue fees. The service is free of charge, doesn’t have any hidden fees, and issues 0% interest. Otto makes money on the merchants you pay to. Each time you pay a merchant, Otto gets a small fee from them.
The Otto Mastercard virtual cards are issued by Patriot Bank. It is a full-service bank FDIC Member.
Funding a loan
The funding Otto provides is instant. You can transfer your money from the bank account or debit card to Otto Mastercard and pay bills. The service is available through the desktop app, so you can pay anytime.
