Lendbuzz secures $150 million credit facility

Automotive financing platform Lendbuzz secured a $150 million credit facility with JP Morgan and will use it to help increase the number of borrowers it serves.

This is the second credit facility the investment bank has extended to the FinTech, with the first being made in January, Lendbuzz said Tuesday (November 1) in a statement. Press release.

“We are delighted with the confidence that JP Morgan has shown in Lendbuzz by entering this facility,” said Lendbuzz CEO. Amitay Kalmar said in the press release. “This relationship is an important part of our growth strategy, expanding our ability and ability to provide loans that unlock the power of financial opportunity for a growing number of consumers and dealers.”

The Lendbuzz platform is powered by artificial intelligence (AI) and machine learning (ML) and allows the company to assess the creditworthiness of consumers with little or no credit history, according to the press release. hurry.

Lendbuzz said it is currently growing its auto loan count by more than 100% year-over-year, enabling financing solutions for consumers and providing a more diverse customer base for auto dealerships.

PYMNTS research found that nearly two-thirds of consumers want to improve their credit rating but don’t know how to do it.

Read more: A third of consumers think their credit is better than it is

According to “Credit Score Literacy and Building Credit Report», a collaboration between PYMNTS and Momentum (a division of US Bank).

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