US AI-based auto finance platform Lendbuzz today announced a $360 million investment, including $60 million in a Series C raise led by Wellington Management joined by Goldman Sachs & Co and MUFG Innovation Partners, and $300 million in debt financing. Existing investors including 83North, Eyal Ofer’s O.G. Tech, Arkin Communications, Mivtach Shamir and Highsage Ventures participated in the round and Goldman Sachs Bank USA led the debt financing joined by Viola Credit.
The company, which partners with auto dealerships, offers an end-to-end loan origination and servicing platform that fits into dealers’ existing F&I workflows and enables a seamless, digital experience for buyers.
Lendbuzz is based in Boston and was founded by two Israelis - CEO Amitay Kalmar and CTO Dan Raviv. The company has 100 employees in the US including five in its recently established Israel R&D Center. The center will be enlarged to 20 employees, as part of the company's expansion.
Lendbuzz is modernizing auto finance industry, with a focus on serving consumers that have thin or no credit history in the US.
Kalmar said, "Lendbuzz was founded to expand access to credit for millions of consumers who are currently underserved by the traditional credit system. This additional financing allows us to further accelerate our growth and continue improving the car purchase experience for our clients."
Published by Globes, Israel business news - en.globes.co.il - on June 23, 2021
© Copyright of Globes Publisher Itonut (1983) Ltd. 2021