Lendbuzz, a Boston, MA-based financial technology company, raised $345M in debt and equity financing.
The financing included $45M in equity funding and $300M in a forward flow facility. The round was led by Group 1001 with participation from existing investors including, 83North, O.G. Venture Partners, and MUFG Innovation Partners.
The company intends to use the funds to enhance investments in product innovation, research and development, and technology aimed at continuing to serve consumers and dealership partners.
Founded in 2015 and led by CEO Amitay Kalmar, Lendbuzz provides an AI-powered auto finance platform that helps consumers obtain access to credit when purchasing a car. Using alternative data and machine-learning algorithms, it can assess the creditworthiness of consumers across the credit spectrum. The company supports its dealership partners through proprietary software products that streamline the loan application and loan origination processes, helping them serve a more diverse client base.
Across ten consecutive profitable quarters, Lendbuzz’s revenue increased 135% in 2022, and over 80% in the first half of 2023, exceeding $200 million of annual revenue run-rate.
FinSMEs
04/10/2023