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 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 is a reflection of 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,” Loughead said. “The result is our clients can, in turn, reach more consumers with valuable products and services while building long-term growth.”
About Lendbuzz
Lendbuzz is a financial technology company using alternative data and machine learning algorithms to better assess consumer credit risk when purchasing a vehicle. Lendbuzz supports the success of their dealership partners through consumer loans that help those dealers reach a broader client base, together with competitive floor planning options that help them grow their businesses. Lendbuzz is headquartered in Boston, Massachusetts and was founded in 2015.
About Regions Financial Corporation
Regions Financial Corporation (NYSE:RF), with $158 billion in assets, is a member of the S&P 500 Index and is one of the nation’s largest full-service providers of consumer and commercial banking, wealth management, and mortgage products and services. Regions serves customers across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates approximately 1,300 banking offices and more than 2,000 ATMs. Regions Bank is an Equal Housing Lender and Member FDIC. Additional information about Regions and its full line of products and services can be found at www.regions.com.
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Contacts
Lendbuzz
stephen.francisco@lendbuzz.com
