Lendbuzz
Lendbuzz, founded in 2015, provides personalized auto loans and refinancing options using machine learning, catering to borrowers with thin or no credit history.
Company History
Lendbuzz was founded in 2015 with a mission to provide auto loans to borrowers with limited or no credit history. The company utilizes machine learning algorithms to offer personalized auto financing options. Lendbuzz's approach allows it to serve a diverse clientele, including those without social security numbers. Over the years, the company expanded its operations across many states, though it currently does not offer loans in several states, including Alabama, Alaska, and Hawaii.
Auto Loan Services
Lendbuzz specializes in providing auto loans to customers who may have thin credit profiles or no credit history at all. The company offers financing options for purchasing vehicles from both dealerships and private sellers. Additionally, Lendbuzz provides refinancing options for customers who want to refinance their existing auto loans. The company integrates with Dealertrack and RouteOne for seamless credit applications and reports to major credit bureaus like Experian, Transunion, and Equifax.
Use of Technology
Lendbuzz leverages advanced machine learning algorithms to provide personalized auto financing solutions. This technology enables the company to assess the creditworthiness of borrowers more accurately, going beyond traditional credit scores. The use of machine learning helps in streamlining the loan approval process, allowing for same-day funding once deal jackets are verified.
Financial Milestones
Lendbuzz has achieved significant financial milestones since its inception. The company completed multiple asset-backed securitizations, including a $216 million securitization. Further, it closed a $100 million warehouse facility with Mizuho Americas and announced a $330 million forward flow agreement with AB CarVal Funds. In 2024, Lendbuzz achieved a AAA rating on its first securitization. Recently, the company raised $345 million to expand its AI-powered auto finance platform.
Industry Recognition
Lendbuzz has received notable industry recognition for its innovative approach to auto financing. The company was named to Forbes' 2022 America's Best Startup Employers List, reflecting its positive work environment and growth potential. Lendbuzz's financial partners include respected institutions such as Goldman Sachs and Regions Bank, further cementing its credibility in the market.