Auto finance platform Lendbuzz gets USD 360 mln funding

Friday 25 June 2021 07:57 CET | News

US-based AI-powered auto finance platform Lendbuzz has bagged USD 360 million in funding, comprised of debt and equity.

The round included USD 60 million in Series C funding, which was led by Wellington Management and joined by Goldman Sachs, and MUFG Innovation Partners. Other participants included existing backers including 83North, Eyal Ofer’s O.G. Tech, Arkin Holdings, Mivtach Shamir and Highsage Ventures.

The remaining USD 300 mln was supplied through debt financing from Goldman Sachs Bank USA and Viola Credit. With the capital injection, Lednbuzz hopes to continue its expansion and help more consumers missed by traditional providers.

Lendbuzz partners with auto dealerships to supply consumers with an end-to-end loan origination and services platform that fits into dealers’ existing workflows. The company’s goal is to provide those with thin or no credit history in the US with access to auto finance.

Its underwriting platform is powered by machine learning to better access the creditworthiness of consumers, using various datapoints, including transaction and spending patterns to education and employment history.

More: Link

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: funding, credit scoring, machine learning, unbanked
Categories: Banking & Fintech
Countries: United States
This article is part of category

Banking & Fintech