Lendbuzz, an artificial intelligence-based financial technology company servicing the automotive finance market, 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 company’s capacity and ability to grow the number of borrowers its proprietary AI-based auto finance platform serves. The platform enables Lendbuzz to assess the creditworthiness of consumers with credit scores ranging from good to non-existent. This group includes those with no credit and thin credit, as well as borrowers with near prime scores.
“Our ability to grow originations with credit-worthy customers in the midst of tremendous shifts in both the automotive retail and financial industries is a testament to our continued focus on exceptional underwriting and credit decisioning. We are excited to begin our partnership with RBC and look forward to continuing to grow the relationship,” George Sclavos, CFO of Lendbuzz, said.
