Automotive financing platform, Lendbuzz, raised $345 million in debt and equity funding today. This includes $45 million in Series D funding, and a $300 million forward flow facility. The round was led by Group 1001 with participation from 83North, O.G. Venture Partners, and MUFG Innovation Partners.
Demonstrating ten consecutive profitable quarters, Lendbuzz reported a 135% revenue growth in 2022 and an over 80% increase in H1 2023.
Lendbuzz utilizes AI and machine learning to enhance its auto finance platform, facilitating improved credit access for car buyers. By leveraging alternative data, Lendbuzz efficiently evaluates a consumer’s credit suitability, particularly catering to those overlooked by conventional banks. With bespoke software, the company optimizes loan procedures for dealerships, enabling them to cater to a broader clientele.
The investment will fuel Lendbuzz’s endeavors in R&D, tech enhancements, and product innovation to better cater to consumers and dealership partners.
Headquartered in Boston, the startup was founded in 2015 by Amitay Kalmar (CEO) and Dan Raviv (CTO).
This funding round brings Lendbuzz’ total equity funding to over $120 million, and their total debt funding to over $1.5 billion (StartupHub.ai data).