Lendbuzz Partners with RBC and Expands Warehouse Facility by $125 Million
Summary
BOSTON, May 10, 2023--(BUSINESS WIRE)--Lendbuzz, the AI-based fintech company that is transforming the automotive finance market, announced that it closed a $125 million credit facility with Royal Bank of Canada. The additional warehouse capacity will support continued loan origination growth.The expansion increases the companys capacity and ability to grow 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. We are excited to begin our partnership with RBC and look forward to continuing to grow the relationship," said George Sclavos, CFO of Lendbuzz.Lendbuzz is an AI-based financial technology company that helps consumers obtain fair access to credit when purchasing a vehicle. Powered by alternative data and machine learning algorithms, Lendbuzz can assess the creditworthiness of consumers with limited credit historya group underserved by traditional banks.