Lendbuzz, a financial technology company utilizing AI to improve access to credit for consumers purchasing vehicles, recently announced the closure of a 0 million credit facility with MUFG. This new credit facility will support Lendbuzz’s growth in loan origination.
With this expansion, Lendbuzz will be able to increase its capacity to serve more borrowers through its AI-based auto finance platform. This platform allows Lendbuzz to assess the creditworthiness of consumers, including those with limited credit history or no credit, who are often overlooked by traditional banks. In fact, this underserved group represents over 40 percent of the adult population in the U.S.
George Sclavos, the Chief Financial Officer at Lendbuzz, expressed his excitement about the strengthened funding capabilities and the opportunity to deepen the relationship with MUFG. Additionally, Mayank Shiromani, Deputy Chief Investment Officer at MUFG Innovation Partners (MUIP), mentioned the investment in Lendbuzz to support their mission of providing AI-powered auto financing to the underserved.
Lendbuzz, founded in 2015 and headquartered in Boston, Massachusetts, is dedicated to using alternative data and machine learning algorithms to offer attractive financing solutions through auto dealership partners. This not only benefits consumers but also allows dealerships to serve a more diverse customer base.
As for MUIP, established in 2019 as a corporate venture capital fund of MUFG, it invests strategically in startups globally to drive business collaboration between startups and MUFG group companies. This aligns with MUFG’s open innovation strategy.
Overall, the partnership between Lendbuzz and MUFG is poised to bring innovative solutions to the auto financing industry and provide greater access to credit for underserved consumers. Visit the following link for more information: [https://www.ip.mufg.jp/](https://www.ip.mufg.jp/)
