August 20, 2024 07:00 AM Pacific Daylight Time

BOSTON–(BUSINESS WIRE)–Lendbuzz, an AI-based fintech company that helps consumers obtain better access to credit when purchasing a vehicle, announced today that it has secured a new $400 million forward flow program with Viola Credit, a global alternative asset manager specialized in providing asset based lending solutions to innovative technology enabled lenders.

“We are excited to continue our long-standing collaboration with Viola Credit, a key supporter since our early days”

The new commitment represents the continuation of a longstanding partnership between the two firms, who have executed over $1 billion of financing and asset purchase transactions since 2018. This additional forward flow program will enable Lendbuzz to expand its reach and serve an even greater number of borrowers through its proprietary AI-based auto finance platform. By leveraging alternative data and machine-learning algorithms, Lendbuzz can evaluate the creditworthiness of consumers across the credit spectrum, many of whom are underserved by traditional banks. Additionally, Lendbuzz offers its consumers a modern, digital lending experience.

“We are excited to continue our long-standing collaboration with Viola Credit, a key supporter since our early days,” said Amitay Kalmar, Co-Founder and CEO of Lendbuzz. “This partnership advances our mission to provide better access to credit for underserved consumers across the U.S. and allows us to remain at the forefront of utilizing AI and machine learning in consumer credit. Our proprietary technology and underwriting engines have proven to be effective and valuable for consumers across the U.S.”

“We are excited to expand our partnership with the Lendbuzz team and support the company as it continues to scale its origination business,” said Ido Vigdor, Managing Partner of Viola Credit. “We are privileged to have had a front row view of the company’s growth and consistent performance since its earliest days and look forward to continuing to support the company’s origination while providing our investors with access to attractive assets that it originates.

Founded in 2015 and based in Boston, MA, Lendbuzz has originated more than $3 billion in loans since 2016.

About Lendbuzz

Lendbuzz is an AI-based financial technology company that helps consumers obtain better access to credit when purchasing a vehicle. Powered by alternative data and machine learning algorithms, Lendbuzz can assess the creditworthiness of consumers with limited credit history—a group underserved by traditional banks. Through our auto dealership partners, Lendbuzz offers consumers attractive financing solutions while opening up opportunities for those dealerships to serve a more diverse customer base.

About Viola Credit

Viola Credit [NY, London, Tel Aviv] is a global credit asset manager focused on supporting the growth of the innovation economy through asset-based lending (ABL) solutions and growth capital. Viola Credit has committed over $3.5 billion in ABL transactions to best-in-class tech-enabled lenders including warehouse financing and asset purchase agreements. Viola Credit has a global footprint across the U.S., U.K., Western Europe, and Australia

Contacts

Investors
InvestorRelations@lendbuzz.com

Media & Press
Steve Francisco, CMO
Stephen.Francisco@lendbuzz.com

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