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BHI Provides $20MM Credit Facility to Lendbuzz

June 09, 2023, 07:05 AM
Filed Under: Industry News

BHI granted a $20 million credit facility to Lendbuzz for working capital and general corporate purposes. This transaction exemplifies BHI’s commitment to the Tech industry and will support Lendbuzz’s further growth.

Established in 2015 and headquartered in Boston, MA, Lendbuzz is a leading AI-based financial technology company that is disrupting the auto lending industry. Lendbuzz is using alternative data and machine learning to provide better access to credit for underserved segments of the market. In addition, the company expands the auto dealerships’ ability to serve a more diversified customer base, and segments of the market that have been historically underserved by the traditional credit system.

"BHI began working with Lendbuzz in 2017 and we are delighted to continue to support its expansion," said Gal Defes, Head of International and Tech Banking at BHI. “We remain committed to providing technology companies with banking solutions and products that are tailored to their unique and specific needs.”

“We are thrilled to continue to grow our long relationship with BHI with this latest round of financing. This line of credit will increase our capacity and ability to grow originations and support our ultimate goal to provide advanced financial solutions to underserved groups with limited credit history,” said George Sclavos, CFO of Lendbuzz.

For more asset-based lending industry news, visit ABL Advisor.

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