Lendbuzz, a Boston, MA-based fintech company, raised $345 million in a combination of $45 million in equity funding and $300 million in a forward flow facility.
SaaS Investors
The round was led by Group 1001, with participation from existing investors, including 83North, O.G. Venture Partners, and MUFG Innovation Partners.
Group 1001 is a technology-driven financial services company with a mission to empower its customers, employees, and communities by making innovative products accessible to everyone. They strive to demystify how insurance and annuity products are purchased today by leveraging technology to provide intuitive financial solutions for all Americans. As part of its mission, the company invests in strategic partnerships to connect with and transform communities through education and sports.
Lendbuzz Use of Funds
The funds raised will be used to deepen investments in product innovation, research and development, and technology to enhance the company's offerings to consumers and dealership partners.
About Lendbuzz
Lendbuzz is an AI-powered auto finance platform that helps consumers obtain better access to credit when purchasing a car. Powered by alternative data and machine-learning algorithms, Lendbuzz can assess the creditworthiness of consumers across the credit spectrum, many of whom are underserved by traditional banks. Lendbuzz supports the success of its dealership partners through proprietary software products that streamline the loan application and loan origination processes, helping dealerships better serve a more diverse client base. Lendbuzz is headquartered in Boston, Massachusetts, and was founded in 2015.
Funding Details
Company: Lendbuzz, Inc.
Raised: $345M
Round:
Funding Month: October 2023
Lead Investors: Group 1001
Additional Investors: 83North, O.G. Venture Partners, and MUFG Innovation Partners
Company Website: https://www.lendbuzz.com/
Software Category: AI-powered Auto Finance Platform
Source: https://www.businesswire.com/news/home/20231004121034/en/