Lendbuzz closes a $135m credit facility with Regions Bank
By Edlyn Cardoza
Lendbuzz, the AI-based FinTech company revolutionising the auto finance market, announced 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 consumers’ creditworthiness 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 and our unique ability to originate loans for a growing number of dealerships and consumers,” said Amitay Kalmar, CEO of Lendbuzz.
Leo Loughead, head of the Financial Services Group at Regions, said the credit facility reflects regions’ strategic and consultative approach toward delivering advisory and capital-raising solutions for clients.
“At Regions, we are committed to leveraging our industry experience and financial insights to deliver customized financing options for companies that are meeting clear needs in the marketplace,” said Leo Loughead, Head of the Financial Services Group at Regions. “The result is our clients can, in turn, reach more consumers with valuable products and services while building long-term growth.”
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May 31, 2023