BHI, a comprehensive commercial bank, recently bestowed a $20m credit facility upon Lendbuzz, an innovative AI-based FinTech firm based in Boston, Massachusetts.
The move epitomises BHI’s commitment to bolstering the technology sector and promises to fuel Lendbuzz’s growth trajectory.
The credit facility is expected to bolster Lendbuzz’s working capital and support a range of general corporate purposes. The investors behind the financial injection are firmly rooted in BHI, illustrating their ongoing commitment to supporting technology companies.
Lendbuzz, founded in 2015, has earned a reputation as a leading disruptor in the auto lending industry. It leverages alternative data and machine learning to widen access to credit, particularly for segments of the market that have been traditionally underserved. In addition to aiding auto dealerships in serving a more diversified customer base, Lendbuzz’s approach is gradually reshaping the way the conventional credit system operates.
The FinTech firm aims to utilise this fresh funding to continue expanding its reach and increasing originations. The primary goal remains to provide advanced financial solutions to underserved groups with limited credit history.
BHI has been working closely with Lendbuzz since 2017, with this latest round of financing serving to strengthen their long-standing relationship.
Lendbuzz’s CFO George Sclavos said, “We are thrilled to continue to grow our long relationship with BHI with this latest round of financing. This line of credit will increase our capacity and ability to grow originations and support our ultimate goal to provide advanced financial solutions to underserved groups with limited credit history.”
Gal Defes, head of International and Tech Banking at BHI also added, “BHI began working with Lendbuzz in 2017 and we are delighted to continue to support its expansion. We remain committed to providing technology companies with banking solutions and products that are tailored to their unique and specific needs.”
Keep up with all the latest FinTech news here.
Copyright © 2023 FinTech Global
