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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Otto

Advertiser Disclosure

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.

Otto

FAQ

How does Otto work?

Otto is a platform that helps you to manage your bill payments. It issues the virtual Mastercard and pays the bills, while the payments to Otto will be withdrawn automatically from your bank account according to the schedule you choose.

What does Otto do?

Otto pays your bills when they are due and keeps track of your bill and subscription payments.

How much does Otto cost?

Otto costs nothing to its customers. It earns money from the merchants you pay to.

Company documents

Terms
Privacy Policy

Otto brings all your recurring payments into one view and helps you stay on top of what's due without needing to visit 10+ websites.

© New Foundation Labs, Inc.
Financial products
Otto
Bill payment service
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Rate
i

Effective interest rate on the product

0%
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Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
100.00 – 20000.00 $
Rate
i

Effective interest rate on the product

from 0.05 %
Term
i

Loan term for the financial product

5 days – 3 months
Finanso
Personal Loans
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
2000.00 – 100000.00 $
Rate
i

Effective interest rate on the product

6.34 – 35.89 %
Term
i

Loan term for the financial product

2 months – 72 months
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
100.00 – 4000.00 $
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

4.25
(20 Ratings)
Recommended FinScore™
0
300
650
1000
to 1500.00 $
Rate
i

Effective interest rate on the product

to 160.00 %
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