December 15, 2022 09:00 AM Eastern Standard Time
BOSTON -- (BUSINESS WIRE) -- Lendbuzz, the AI-based fintech company that is revolutionizing the auto finance market, announced today that it closed a $135 million credit facility with Regions Bank.
Lendbuzz intends to use the funds to fuel the continued growth of its dealership floor planning portfolio—which doubled with the recent acquisition of Shamrock Finance—and to increase the number of borrowers its proprietary, AI based auto finance platform serves. The platform enables Lendbuzz to quickly and accurately assess the creditworthiness of consumers with credit scores ranging from good to non-existent. This group includes those with no credit, thin credit, and near prime, totaling 100 million people in the US, who are underserved by the traditional credit system.
“Our ability to grow originations and maintain strong loan portfolio performance provides our capital markets partners confidence in our team …