Lendbuzz, an AI-based FinTech company from Boston, MA, announced a significant financial milestone with a new $400m forward flow program secured with Viola Credit, a global alternative asset manager.
This latest arrangement cements the ongoing partnership between the two firms, which has seen over $1bn in financing and asset purchase transactions since 2018.
The $400m in fresh capital will aid Lendbuzz in scaling its operations and extending its proprietary AI-based auto finance platform, which leverages alternative data and machine-learning algorithms to evaluate the creditworthiness of consumers. These consumers often find themselves underserved by traditional banking systems. The forward flow program will also help Lendbuzz to enhance its reach and serve an increasing number of borrowers seeking vehicle finance.
Lendbuzz aims to use this funding to continue redefining the auto financing landscape. By providing accessible credit solutions, the company supports underserved demographics, primarily through a modern, digital lending experience. The initiative underscores Lendbuzz’s commitment to innovation in consumer credit by utilizing AI and advanced analytics to assess loan applications.
Amitay Kalmar, Co-Founder and CEO of Lendbuzz, said, “”We are excited to continue our long-standing collaboration with Viola Credit, a key supporter since our early days.
“This partnership advances our mission to provide better access to credit for underserved consumers across the U.S. and allows us to remain at the forefront of utilizing AI and machine learning in consumer credit. Our proprietary technology and underwriting engines have proven to be effective and valuable for consumers across the U.S.”
Ido Vigdor, Managing Partner of Viola Credit, said, “We are excited to expand our partnership with the Lendbuzz team and support the company as it continues to scale its origination business.
“We are privileged to have had a front row view of the company’s growth and consistent performance since its earliest days and look forward to continuing to support the company’s origination while providing our investors with access to attractive assets that it originates.”
Keep up with all the latest FinTech news here.
Copyright © 2024 FinTech Global
