Lendbuzz secures $150m debt and equity funding for car financing platform.

Lendbuzz, a fintech company that aims to disrupt the existing car financing market using machine learning algorithms, secured an additional $150m in debt and equity financing. The equity funding round was led by 83North with significant participation from existing investors. The debt funding was led by BHI, ConnectOne Bank, IDB Bank, Viola Credit, and a large insurance company. This raise follows a $30m debt funding round that was completed only 12 months ago. Lendbuzz's financing model - powered by machine learning and proprietary algorithms - allows it to better assess the creditworthiness of consumers with limited US credit history, who are underserved by traditional banks despite their potentially high creditworthiness — operating within the auto lending space, the company partners with auto dealerships to offer customers attractive financing solutions. "We developed a unique underwriting platform based on alternative data points to evaluate credit risk. Our AutoML Deep Neural Network (DNN) system is continuously improving and allows us to evaluate the true credit risk for people with a limited credit file or missing FICO score.” Dr. Dan Raviv, co-founder and CTO of Lendbuzz.