Lendbuzz, which claims to be disrupting the car financing market through AI and machine learning, has secured a credit facility on $150m.
The funds were supplied by JP Morgan, which is the second credit facility from the investment bank this year – it previously deployed a loan in January.
This credit facility will help Lendbuzz expand the number of borrows it serves.
Lendbuzz is an AI-powered auto finance platform that helps consumers get fair access to credit why buying a car. Its alternative data and machine learning algorithms mean Lendbuzz can assess the creditworthiness of consumers with limited credit history.
Through its dealership partners, Lendbuzz offers consumers attractive financing solutions, while opening opportunities for those dealerships to serve a more diversified client base.
The company was founded in 2015 in Massachusetts.
Lendbuzz CEO Amitay Kalmar said, “We are delighted with the confidence J.P. Morgan has shown in Lendbuzz by entering into this facility. This relationship is an important part of our growth strategy, expanding our capacity and ability to originate loans that unlock the power of financial opportunity for a growing number of consumers and dealerships.”
The company previously raised $360m in a round made of debt and equity. This included $60m in Series C funding and the rest coming through debt financing from Goldman Sachs and Viola Credit.
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